Hi, my name is XXXXX XXXXX I will be glad to assist you in any way that I can,
Creditors of your partners can reach only what he owns. So, the partner's creditors can only reach his share of the partnership. They cannot reach your 50% share by any means.
The only drawback is that if the partner's creditors can take over his 50% share, you might find yourself a partner with his creditors. If it is at all possible for you to buy out your partner's interest, then you should do so. This would be the only way that you would be able to control the business of the partnership and not have a stranger (or strangers) as partners with you,
Please be kind enough to rate Excellent Service" so that I receive credit for assisting you, it will not cost you anything additional to give me a positive rating, and that is the only way I can receive credit, Thank you for understanding,
If you receive a Customer Satisfaction Survey from JustAnswer, Please rate a 10 as it gives me a greater opportunity to assist other customers on this website and is greatly appreciated,
Thank you for allowing me the opportunity to assist you,
Our partnership agreement allows either of us to dissolve the partnership for any reason and describes the division of assets process. We are prohibited from selling, giving or assigning to a third party and if one is incapacitated the partnership is dissolved.
If my partner's creditor were to be come my partner, could I simply dissolve the partnership or could they sue me to try to make me buy them out?
Since your partnership agreement permits the dissolution of the partnership by either partner, that would be the safest course of action for you to take, simply dissolve the partnership and you will not have to worry about having some unknown third party as your partner,
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).