What do I need to do to dissolve a business partnership?

Question Details: My husband and his brother own a contracting business. My husband is getting out of the business. What do we have to do legally to remove him completely from the business?

Asked 8/26/2009 under Business | 225 View(s) | More Legal Topics

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Gail Marcus / Law Office of Gail Marcus Answered 2 years ago | Contributor with 0 answers

I commend you on being aware that you need to do something of a legal nature to terminate your husband's business interest. If you do not terminate his business interest, you are right in that you may suffer consequences, as in being held liable to third parties, whether they be employees, other contractors, customers or the taxing authorities. What exactly needs to be done depends on the entity you are operating under and what the goals of both your husband and his brother are in terminating the interest. For that more facts need to be known, and I recommend that you seek legal counsel. 

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