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Getting out of a small business partnership

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tdpegg

Junior Member
What is the name of your state (only U.S. law)? Michigan

I am leaving a business partnership of 8 years. My business partner plans to continue to run the business. I did contact an attorney who advised me to immediately resign and to file an idemnification paper, which I did. I have one huge ($13,000) credit card that is in my name only. 1) is the resignation and idemnification enough to protect me in the future and 2) can my partner "not accept" the resignation and/or idemnification?
 


tranquility

Senior Member
If you are the only two in the partnership, if you followed the partnership agreement requirements for resigning, the partnership is over. The indemnification is not binding by any theory I know. You have to notify all creditors who may want to do business with the partnership of you leaving to not be liable for any debt which arises.
 

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