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Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 11877
Experience:  25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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I am a partner in a 50/50 general partnership business in Texas. My

Customer Question

I am a partner in a 50/50 general partnership business in Texas.

My business partner is also a principal in a formerly very successful family limited partnership business and they are having financial problems which I don't know the details of. I do know they are anxious to liquidate personal possessions to raise cash while they await promised government funding of a project.

Do I have any exposure as a result of anything they decide to do? My husband and I have excellent credit and no consumer or business debt. My husband works as a contractor in a highly paid profession. I have an ongoing 17yr. old small retail business which has a lot of assets which are hard to liquidate profitably in this economy and is not currently making a profit primarily due to the economy.

I wonder if there is any reason I should dissolve the partnership, which is a good business, or offer to buy it, or just continue to try to be a supportive business partner and friend.

I'd appreciate some insight into how far a partner's creditors can reach into our partnership's business.
Thanks,
Ann
Submitted: 1 year ago.
Category: Legal
Expert:  Andrea, Esq. replied 1 year ago.

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,

 

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Thank you for allowing me the opportunity to assist you,

 

ANDREA

 

Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 11877
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
Andrea, Esq. and 13 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

Dear Andrea,


 


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?


Ann

Expert:  Andrea, Esq. replied 1 year ago.

Dear Anne,

 

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,

 

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,

 

ANDREA

 

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Andrea, Esq.
Andrea, Esq.
Attorney
6894 Satisfied Customers
25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.