QUESTION

I am looking to dissolve a 50/50 partnership, what am I legally entitled to concerning the busnisess bank account and all other assets?

Asked on Jul 21st, 2012 on Business Law - Pennsylvania
More details to this question:
What do I need to do concerning our suppliers?
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1 ANSWER

Litigation Attorney serving Greenwich, CT
Partner at Hilary B. Miller
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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.
Answered on Jul 21st, 2012 at 4:41 PM

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