Legal Question in Business Law in Virginia

Dissolving a business partnership

My husband has been a partner with two other gentlemen in a plumbing corporation for 18 years. We have plans to move out of the area this summer. My husband wants to end this partnership but have fears that he will be told he cannot be bought out even though the company is worth two million dollars. What is our course of action is that should happen? and how will we know if we are getting our fair share if they agree to his departure?


Asked on 4/23/07, 5:07 pm

2 Answers from Attorneys
John Jackson Law Office of John A. Jackson, P.C.

Re: Dissolving a business partnership

If you have a partnership agreement it should be consulted. However, if not then the Viginia Code has certain provision that should be followed to help ease the process. I or another other attorney that post here would be happy to help you for a fee.

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Answered on 4/23/07, 5:12 pm
Ruth Emily Kochard Ruth Emily Kochard, Counselor at Law

Re: Dissolving a business partnership

If there is a partnership agreement the terms therein control disassociation. If not, the Uniform Partnership Act applies and contains your rights and the amount you would be bought out. As this would require specific consultation I would advise consulting an attorney directly. (my contact info. is provided)

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Answered on 4/23/07, 5:47 pm


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