Legal Question in Business Law in Virginia

Partnership agreement without a written contract

What can I do to dissolve a partnership and get my investment back and block the use of our trade name when there was never a written legal contract signed between us? What are my responsibilities toward company indebtedness? Can I remove equipment, supplies, etc.,purchased with my personal funds even if they are necessary for the continued operation of the business by the other partner? Am I entitled to half of all assets accrued by this company and if so do I need to bring suit to obtain them?


Asked on 11/02/99, 5:54 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Partnership agreement without a written contract

To dissolve the partnership, you just need to give notice thereof in accordance with the Code; however, that probably will have little practical effect. It is more likely that you will have to file suit for dissolution and an accounting. You are liable for partnership debts. You cannot remove partnership property even if purchased with your funds. You can remove your personal property, but if it is used in the business, there is a presumption that it is partnership property. You are entitled to your proper percentage of the assets, after debts are paid. You should not do any of this without retaining counsel to represent you.

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Answered on 11/04/99, 8:04 am


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