Legal Question in Business Law in Texas
Disolution of Pardnership
My question is: How do you go about disolving a business partnership?
Asked on 7/08/03, 11:10 am
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.
Answered on 7/08/03, 12:02 pm
Peter Bradie
Bradie, Bradie & Bradie
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.
Answered on 7/08/03, 1:56 pm
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