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The business does not cease to exist, but the partnership does. By definition a partnership requires two or more people. You become a sole proprietorship the second you only have one proprietor. You should discuss this with your family law attorney. There are community property issues involved but the business can continue to run while an appraisal is done or if you can reach an agreement with your ex about the value of the company then you can skip that expense.
Marty Burbank, Esq., JD, LLM
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