<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by [email protected]
My husband recently filed a dba in the county clerk's office forming a 50/50 general partnership. My husband's credit financed all of the equipment and his partner performs the work. No other paperwork has been filed with anyone, i.e. lawyers, sec of state. After two months we are questioning the business practices and ethics of the other partner. He refuses to present any records of any type, i.e. invoices, check copies. We now suspect cash payments, under-the-table deals, etc. We are quite concerned about the personal liability we have subjected ourselves to and want out asap. Any advice on the quickest, least expensive way to do this without ruining our credit? We have thought of filing as a LLP, corporation, removing our name from the dba (would this release us from personal liability?) and also of repossessing all equipment in our name, bankruptcy, etc. Please HELP!!!
I really am not too sure about what I'm about to suggest, nor the legality, because to me, this is somewhat of a strange situation; however, before I state it, I am hereby requesting any other logical solutions. So, with that in mind:
Take your name off of the DBA. Change the locks of the business, remove your equipment, and send him a check for his labor (make it more than fair), along with a letter to him stating that, "Whatever business relationship we may have had at (name and address), it ends right now. Enclosed is a check, #______ in the sum of $_____ as and for payment in full for your labor, from (date) to (date). Any relationship we may have had is hereby immediately terminated. You are no longer welcome on the said premises and, should you appear thereon, we will consider you as a trespasser, and deal with you on the level accordingly." Signed.
Again, any other suggestions for a better answer to this gentleman's question and situation is kindly requested.
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