Winding up things

[Cally in VA]

I have decided to dissolved my partnership. If we both step out then its obvious that we would close our store devide things up and go our own ways. If she wants to continue then things are not so clear to me. We don't have any accounts or own anyone money. The only thing we are signed into is our lease on the building. Otherwise than that everything has been paid out of our own pockets. We have no signed partnership agreement (I now wish I would have done the right thing!). We both have made contributions to the store that just about equal each other. My real question is if she continues all the equipment that both of us have contributed to the store becomes store property, right? So therefore I would owe nothing to her for the things she put in and she wouldn't owe me anything. I could really use some advice on this issue. Thanks.

 

[Tracey]

You need to close the business & sell all the inventory. She buys it & you get 1/2 the proceeds. You also need to pay off all debts & tell any suppliers/contacts that you've ended the p'ship but she's continuing. Also, she should pay you something for the customer list & good name you've built up over the years. You give her a bill of sale for the assets she keeps & she gives you a waiver of claim & indemnity agreement that you won't be held responsible for anything that arrises in the future. You can take a crack at it yourself, but have an attorney review your documents before signing.

------------------
This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws. [email protected] - please include some facts so I know who you are!