How do you dissolve a partnership?

Answer by  Kurt (4579)

You will probably need to have a legal document prepared by an attorney to have the partnership dissolved. Otherwise you run the risk of being liable for debts run up by your ex partner that creditors want you to pay.

Answer by  tamarawilhite (17883)

It is best to have the consent of both partners before dissolving it. If you have a partnership, all debt will break down equally to the partners unless you have a contract stating who will pay what percentage of the debt. You may have to sell business property or equipment to distribute money owed to the other partners.

Answer by  Dean (4035)

Two parties agree to a partnership. When one of the parties no longer agrees to the terms of the agreement, the partnership is dissolved. Consideration must be given to debt, finances, assets and other shared elements of the partnership. Hopefully, these details are in writing and easily addressed when the partnership is dissolved.