Thanks for responding to my concerns. With respect to your questions,
1. Yes, my partner is agreeable for me to leave.
2. We are in the process of calculating the balance. As we are a two month old company with very low overhead, we are roughly breaking even. I would estimate that we could not be in debt by anything over $500.
3. There is no debt specifically in my name or in my partner's name.
4. As I am the only one with a credit card, I have invested about $600 in mostly service fees for setting up the partnership, WSIB, some tools and office supplies. I would like this amount returned at some point.
5. We are a general partnership in the province of Ontario registered since May 03, 2013.
I would like to leave because my partner has little business experience and is not open to my own experience (I have started two sole proprietorships, one of which is on-going). The partnership is also being run as a cooperative (this is the end goal) with the other workers however my own liabilities as a partner are not understood or ignored. I am the only one with any assets (I have a house).
This is a painting, landscaping, cleaning business with about $6,000 in business for June, and another $6,000 for July. While the business is good, there are concerns about running the business. I want to leave cleanly while allowing the business to continue in the same name. I'm hoping for a step by step process of ending the partnership, and removing my name from the CRA/HST, and WSIB obligations (they will be paid before I leave except for year end taxes).
Thanks in advance.
What about the change from partnership to sole proprietorship? What is needed for this process? Does the registry need any agreement about the change of ownership to allow this change?
Can you please clarify the staement you made earlier?
But you need an agreement that if you are the partner will pay whatever a Court orders you to pay."
Thanks Debra Thal, your answers were very helpful and clear.