Legal Question in Business Law in Texas

Business Law/ Contracts

I recently went into business as a limited partner. About three weeks later I decided that the business was not for me. As stated by my partner she will return my $10,000.

But when I approached her with a Early Termination of Contract form she said she didn't accept it and requested I write a letter of resignation instead. What should I do? What are my options?


Asked on 7/20/07, 5:02 pm

2 Answers from Attorneys
Jeffrey Brashear The Brashear Law Firm, PLLC

Re: Business Law/ Contracts

I have consulted with Ryan B. Bormaster in my office as his practice includes this area of law. Mr. Bormaster indicates that he would have to look at the Limited Partnership Agreement before he could tell you whether you should write a letter of resignation. He is also not sure, without reading it, what effect, if any, such a letter could have on your ability to recover your initial contribution. He does not charge a fee for consultations and would be happy to discuss your situation with you. You can email one of his paralegals, Carrie or Stephanie to arrange for a telephone or in person consultation free of charge. "[email protected]" or "[email protected]" are their addresses. Be sure to leave your contact phone number so that they can call you back to arrange the consultation if this is what you want. Good luck.

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Answered on 7/21/07, 2:59 pm
Bruce Turner Bennett, Weston, & LaJone, P.C.

Re: Business Law/ Contracts

Did you get your money back? I would need to read your Limited Partnership Agreement before I could tell you whether you should write a letter of resignation. Please come see me.

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Answered on 7/27/07, 5:21 pm


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