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How do I dissolve my business partnership?

When you and your partner began your company in Florida, you may have had confidence that you would be able to continue working together for years to come. At times, circumstances change that make owning a business unfeasible for one partner. Other partners discover that different temperaments prevent successful decision-making. Whatever your situation, when you decide that the partnership must be dissolved, there are certain steps that you must take.

According to the Small Business Administration, you should review all of the business contracts that you and your partner have signed since the beginning of your company. This includes agreements between the two of you, but another important document is your building lease. If you have a month-to-month agreement, it may not be difficult for you to resolve the issue, but often commercial leases are three or five years. Since the end of the partnership does not signal the end of liability for the payments, you may find that there is no way to avoid satisfying the terms of the agreement.

It may be easiest for one partner to buy the other out. If the end of the partnership is also the end of the business, though, you will need to divide the company’s assets and liabilities between you. A valuation expert may be necessary to ensure that these are clearly defined and prevent disputes and litigation. This information about dissolving partnerships is provided for educational purposes only. It is general in nature and should not be interpreted as legal advice.

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