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Dissolving a general partnership

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J

jenh81147

Guest
HELP! I started a small roofing business with my partner and another limited partner about 8 months ago, we all came up with the name and all of the company assets together. I put about $4,000 into the company as capital and the limited partner lent us approximately $15,000. Both of us have usually taken the same weekly salary, but at times he has taken more. No partnership aggreement was signed. There was a verbal agreement that we were to repay the limited partner in payments that we could afford, and we have been doing that. We still owe him about $9,000. There was also a verbal agreement that he would match my capital in the partnership ASAP. He has made no attempt to do this and has acually borrowed more money from the company.
Now, because we can't decide who should run the books (I want them at my house and he wants them at his) he wants to dissolve the business. He will not agree to take them to a bookkeeper and would rather try to start a business on his own. He has the business phone line at his house right now, but the bookkeeping is still in the hands of the limited partner.
My questions are:
Does he have a right to the business name?
If there is any profit left after paying our debts and taxes, does he have a right to them, and if so what %?
Can we have the phone business phone shut off, or if he decides to keep the # to start his own business does he have that right?
Thankyou very much.
 



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