Many times partners do not want to experience dissolution of partnership. Our lawyers know that disputes can often occur in partnerships and working them out through negotiation results in a stronger partnership.
- Bankruptcy Filing
A partner may dissociate from the business, however, the other partner may need to buy out the other partner’s share, rather than dissolve the business. Upon being dissociated from a business, a partner’s liabilities or obligations before the dissociation are not discharged except upon agreement of the other partners.
Dissolution of a partnership:
- Dissolve the Partnership – The partnership ceases to operate as a business and the partnership commences the winding up process
- Winding Up – Also known as liquidation; it is a process involving paying off creditors and partnership debts and collecting partnership claims
- Termination of Partnership – After winding up, the partnership is terminated
Our best attorneys can talk to you about your legal options or concerns and how we can best help your business. Call the best civil attorneys in California now at 855-200-ATTY (855-200-2889). You can also email us using the contact form below.
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