How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 37802
Experience:  Retired (mostly)
Type Your Business Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

How do you dissolve a general partnership 2 people 50/50 partner

Resolved Question:

How do you dissolve a general partnership 2 people 50/50 partner assets are real estate one partner was the managing partner getting a draw from the partnership as "pay" and is now disabled and can not work in the business or anywhere else
Submitted: 7 years ago.
Category: Business Law
Expert:  socrateaser replied 7 years ago.

Assuming that the dissolution is agreed to by both partners, one partner could buy the other partner's share for its fair market value. That would leave the partnership as solely owned by one person -- which, if the partnership were merely a name, then it would devolve into a sole proprietorship -- and if it were a legal entity, then the entity would survive intact.


If the dissolution is not agreed to, then one partner would have to petition the court to dissolve the partnership, and if necessary, sell the real property asset so as to distribute the partnership contributions and profits to the parties.


Hope this helps.


Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

socrateaser and 3 other Business Law Specialists are ready to help you