QUESTION
i''m 50-50 partners with someone who wants out. i got a new partner and started a new business. how can i protect myself from old partner?
Asked on Apr 10th, 2012 on Business Law - New York
More details to this question:
it''s a website business. the new site will be a totally different name and look, but will be the same idea.
1 ANSWER
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Your facts are not particularly clear. If the old partner is going to continue the business in which you are a partner and from which you wish to exit -- which I assume to be the case -- then you can sell your partnership interest to him (or simply give it to him) and have him undertake in writing to indemnify you against any debts or claims relating to the old business. Your attorney can assist you in accomplishing this.
Answered on Apr 11th, 2012 at 7:21 AM