QUESTION

How can I get a business partnership dissolved?

Asked on May 30th, 2012 on Bankruptcy - Florida
More details to this question:
I am part owner in a restaurant business in Wisconsin. I have been trying to get my name removed from the LLC and my partner has agreed to this. He has told me for the past two years that the lawyer is drafting up the paperwork. But it still has not been done. I would like to know what needs to be done and the cost for me to have it done with another lawyer.
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5 ANSWERS

Securities Attorney serving Rochester, MI at Olson Law Firm
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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

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Appellate Attorney serving Grosse Pointe Farms, MI at Musilli Brennan Associates, PLLC
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There is too little information to give a quote. Can you tell me what my meal will cost before I order? Attorneys normally charge by the hour. I charge $300 per hour and have 30 plus years of experience. Generally, in the law and all else, you will get what you pay for.
Answered on Jun 12th, 2012 at 7:53 PM

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Criminal Defense Attorney serving Deltona, FL at R. Jason de Groot, P.A.
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You will need a business attorney in Wisconsin, not a bankruptcy attorney in Florida. One thing you may consider if you are an officer of the LLC is to go about properly resigning.
Answered on Jun 12th, 2012 at 7:49 PM

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You can pay your lawyer to draw up the partnership dissolution papers and ask him to sign or you can take him to court to dissolve the partnership if he refuses. It is a little bit like being married.
Answered on Jun 12th, 2012 at 4:35 PM

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Bruce Arthur Plesser
Go to the Secretary of State web site and find out the procedure and follow it.
Answered on Jun 12th, 2012 at 9:54 AM

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