Hi there. I understand your concern. I have a couple of thoughts. First, I agree with you on the phone number....it obviously has value and you should be compensated for it. It doesn't make any difference who are the partners...the partnership would be obtaining the number and it should pay for it. If the response is that the business associate doesn't think it is worth anything, then you can tell him if it isn't worth anything, then I'll go ahead and keep it. Second, I think they should consider incorporating their partnership or forming some other limited liability entity to protect their personal assets in the event the partnership would run into some financial issues or face some lawsuit in the future. I know you didn't ask that question, but these days it is unusual for businesses to operate in the general partnership form where the partners all have joint and several liability for the partnership's liabilities.
I hope this has given you the guidance you were seeking. I wish you the best of luck!
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