Please note that this is a business law question and not a bankruptcy question. There are many ways to terminate a business relationship. The choice you make should depend on your goals. If you simply want to be rid of the partner and the business, you may simply gift your interest back to your partner. There may be tax consequences. Also, the gift will not affect liabilities that arose before the gift was made. Discuss this with your attorney as soon as possible. By doing nothing, you may be exposing yourself to additional liability.
Answered on Jun 12th, 2012 at 9:20 PM