QUESTION
Is there a parnership withdrawal agreement?
Asked on Oct 22nd, 2012 on Business Law - Texas
More details to this question:
The ranch has a home, horse barn and stall, farming equipment, minerals, etc. We have agreed for him to withdraw because he can't carry his part of the debt and operating costs. All assets are pledged at bank. He has agreed to leave everything in the partnership in order to get out of the debt requirement. I want to make sure I have clear title to everything in the partnership.
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You will need to engage the services of an attorney to effectuate this change properly. There are no off-the-shelf documents that will accomplish your purposes. Obtaining a release of the departing partner from the debt of which he may be a guarantor may prove to be difficult.
Answered on Oct 22nd, 2012 at 10:37 PM