What is the name of your state (only U.S. law)? NY
My friend and I started a small vending machine business at the beginning of last year. We registered the business as a general partnership and opened a business checking account. We have filed the income tax for last year as a GP as well. Neither of us really is putting much effort into the business and I have decided I want out of it. He wants to continue to do it which is fine by me but I want out. We don't have any formal contract between us. Just a handshake. We both have very little invested into the business and owe nothing to the business at this point. Whats involved with me removing myself as his partner? Oh and he has no issue with me bailing. He is doesn't care. I just want to know what I need to do officially.
Thanks in advance,
Adam
My friend and I started a small vending machine business at the beginning of last year. We registered the business as a general partnership and opened a business checking account. We have filed the income tax for last year as a GP as well. Neither of us really is putting much effort into the business and I have decided I want out of it. He wants to continue to do it which is fine by me but I want out. We don't have any formal contract between us. Just a handshake. We both have very little invested into the business and owe nothing to the business at this point. Whats involved with me removing myself as his partner? Oh and he has no issue with me bailing. He is doesn't care. I just want to know what I need to do officially.
Thanks in advance,
Adam