What should I be aware of when I end my business partnership.

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What should I be aware of when I end my business partnership.

I own a company with a partner I’m 49
he’s 51 . He is buying me out. We are
going to attempt to handle it between us
two. What things should I be aware of or
do?

Asked on July 20, 2019 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

The main thing to be aware of is that him buying you out does NOT affect your obligations to third parties, so if you signed any contracts or leases in your own name, or personally guaranteed any contracts, loans, leases, or other obligations/debts, you will remain liable for them even after you have been bought out. Your buyout agreement should therefore include that your partner and/or the business itself will indemnify you (pay on your behalf) any business-related liability which was incurred while you were a partner.


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