Assuming your business is in fact organized as a partnership, your right to dissolve it without judicial intervention depends on the terms of the partnership agreement. You need to look to the agreement again to determine how the assets and liabilities of the business are divided upon dissolution. Customarily, assets are applied first to repay outstanding debts and liabilities, and anything left over is divided among the partners in proportion to their ownership interests.
Consumers can use this platform to pose legal questions to real lawyers and receive free insights.
Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.