Legal Question in Business Law in Texas
Disolution of Pardnership
My question is: How do you go about disolving a business partnership?
2 Answers from Attorneys
Re: Disolution of Pardnership
You should speak with a local attorney regarding the details but the following website will help or call the Texas Secretary of State.
www.sos.state.tx.us/corp/forms.shtml
Look under dissolving an entity.
Re: Disolution of Pardnership
In a nutshell, the assets less the liabilities are distributed among the partners as their percentage of holding in the partnership. If the liabilities are greater than the assets, the liabilities are apportioned between the partners.
If one partner wants to keep the business going, then a buy-out can be negotiated.
Talking with a local attorney would probably be a wise investment.
Related Questions & Answers
-
Promissory Note/Loan I lent a friend 1,000 to help get his business set up. He lives... Asked 7/03/03, 12:25 pm in United States Texas Business Law
-
Med if you purchase and sell medical equipment for a living,and one customer was... Asked 6/29/03, 10:59 am in United States Texas Business Law
-
Default on Promissory Note & Personal Guarantee My stock in a privately held... Asked 6/26/03, 12:18 pm in United States Texas Business Law
-
Name change of incorporation i have a business that is incorporated. i'd like to... Asked 6/24/03, 10:56 pm in United States Texas Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
