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Business legal question

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P

Pipermynt

Guest
I have a small cleaning business with a friend. We are filed as a partnership. We have been in business for 4 years and never had a written contract.
I am moving out of state due to a transfer in my husbands work.
My partner feels that since I am leaving the state voluntarily, I don't have a say of what happens to the business. She has said that she doesn't feel she should buy me out (again because of me leaving on my own free will) and she doesn't want to sell the business to split the profits.
What are my legal writes, if any, to this situation?
 


A

ArizAl

Guest
As partners you probably own the business equally. Think of it as a marriage. If you decide to get out, that doesn't maean your spouse gets all of the house, all the investments, all cars, etc. you'd accumulated during the marriage.

You'd have to split them. Depending on the state the split would be what the court determined to be "equitable" or the split would be "equal".

So too with a partnership. Partners can withdraw from the business and the courts will divide it.

Go to AttorneyPages.com, look for a business lawyer, and ask him or her. I will pay for itself 100 times over.
 

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