What is the name of your state? California
A friend and I formed a General Partnership after being laid-off about 1-1/2 years ago and things haven’t been going well.
I haven't been able to keep up with my personal credit cards and am planning to file Chapter 7 for my personal finances (not the business).
The company has no debt.
When I file, is there a possibility that my business partner's assets will be effected? If so, how can I prevent that?
In our partnership agreement, we have provisions for one partner to buy out the other. I’ve briefly discussed this with him and he's agreeable to buying me out and ending the partnership.
Do you think that this is our best option, or do you have any other advice?
Thanks in advance,
Dan
A friend and I formed a General Partnership after being laid-off about 1-1/2 years ago and things haven’t been going well.
I haven't been able to keep up with my personal credit cards and am planning to file Chapter 7 for my personal finances (not the business).
The company has no debt.
When I file, is there a possibility that my business partner's assets will be effected? If so, how can I prevent that?
In our partnership agreement, we have provisions for one partner to buy out the other. I’ve briefly discussed this with him and he's agreeable to buying me out and ending the partnership.
Do you think that this is our best option, or do you have any other advice?
Thanks in advance,
Dan