Ending a partnership

[autograph]

Your first mistake is not having a formal agreement written on black and white. Even a business set up together will relatives should have its own formal agreement. It does not mean that you do not trust each other, this is simply to prevent any future mischief. You are certainly in quite a bit of a situation, you may not want to go straight to your lawyers. You should try to talk to him nicely and work out a solution that is beneficial for both of you. Of course, both party should compromise. If this fails, I guess you would need to lawyer up and bring this to court.

[Ryand88]

Damn, always and I mean always get legal agreements, I don't care how well you know someone and how close you are ; you need legally binding contracts to know exactly where you stand if something does happen and it probably will because running a business will be stressful, I think your best bet is to speak to a lawyer and see what you can do with what you have and take it from there.

[smbconnect]

You can also establish your business with the the help of business consulting firm that suggest you startup idea which provide you better business solution.

[vasudigi]

The best way is " you have to move away from the business". Because word agreement is not at all legal. Without any document, you are not supposed to get more. So leave this and spend your life in some other business. Be your own boss.

[Emily_R]

Wow. That is a really tricky situation. Even though you don't have anything "formal" staking your claim to the company, you should still have some way of proving that you have benefited from this business (i.e. any pay you may have received, documents used in the course of business, etc.).

You should maybe even have a discussion with your partner to see if maybe you can settle on an agreement about selling the business since both of you seem like you are ready to move on. If you sell, you may be able to come up with an agreement where you both profit from the ending of the business without having to decide who is going to receive what throughout the life of the business.

[AarushiAashi]

Picture result for Ending an organization

Section 2 Ending the Business Partnership

Consent to a disintegration arrangement.
Break down the association officially.
Drop Visas.
Pay off obligations.
Get paid.
Reclaim your property.
Record state structures.
Meet with a bookkeeper.

[alexcollins]

A general; dissolution, on the other hand, occurs when a partnership comes to an end and is subsequently wound up. In the winding up of a partnership, the obligations of the partnership are settled as a priority, including the payment to creditors or remaining partners.

[alexcollins]

There are various reason why a partner may be expelled from a partnership firm. A partner of a firm may not be dismissed from a partnership firm by a majority of the partner except in exercise, in good faith, of powers conferred by contract between the partners.

[alexcollins]

A general; dissolution, on the other hand, occurs when a partnership comes to an end and is subsequently wound up. In the winding up of a partnership, the obligations of the partnership are settled as a priority, including the payment to creditors or remaining partners.