I wish to leave a partnership and my business partner wishes to continue running the company. Am I responsible for paying him 50% of the debt before I can leave?
1 Answer from Attorneys
As a Franchise Attorney I can say the following. You need to follow the procedure as outlined in your partnership agreement. If it's not there, then you need to take legal steps to wind up and dissolve the partnership so you will not be held liable for future debts. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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