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Legal Ease, Lawyer
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Experience:  Lawyer
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How do I legally remove myself from a small business partnership

Resolved Question:

How do I legally remove myself from a small business partnership? We are incorporated with a BN but I have a full-time job and can't participate in the business that we started last year.
Submitted: 3 years ago.
Category: Canada Law
Expert:  Legal Ease replied 3 years ago.

Debra Thal (username) :

Do you have a partnership agreement?

Customer:

No, but we are both listed as directors on the incorporation papers. My partner has agreed that I can exit.

Customer:

I'm hoping that it's as simple as notifying the tax office and having her countersign a letter that I could draft.

Debra Thal (username) :

You have to take several steps.

Debra Thal (username) :

You will need to do a share transfer and the corporation will need to pass some resolutions and update it's minutes.

Debra Thal (username) :

As well, you should require your partner to sign and indemnity agreement so that you will not be liable for anything that does wrong afterwards.

Debra Thal (username) :

The corporation will need to file the appropriate documents indicating a change in the directors.

Customer:

It's just the two of us, we don't keep minutes. It's a small, seasonal landscaping business. For a share transfer, is that something I can write in a letter along with an indemnity agreement. Where do I find the appropriate documents?

Debra Thal (username) :

So, it's not complicated and should not be that costly but to ensure you are adqualtey protected you need a lawyer to assist you.

I understand this is a small corporation but because you did incorporate you do need to maintain minute books.

It seems to me that your next step should be to sit down, even just for free, with a corporate lawyer.

Debra Thal (username) :

You can contact the Law Society and use their Lawyer Referral Service. You will be given the name of a lawyer and can consult with the lawyer and the first half hour will be free.

Customer:

Ok, thank you for your help on this.

Debra Thal (username) :

You are welcome.

Debra Thal (username) :

If we are done please click accept so that I can receive credit for providing you with this information.

Legal Ease, Lawyer
Category: Canada Law
Satisfied Customers: 86265
Experience: Lawyer
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