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Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 6779
Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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If my partners close down a business to force me outhow do

Customer Question

If my partners close down a business to force me outhow long do they have to wait to reopen
Submitted: 1 month ago.
Category: Legal
Expert:  Irwin Law replied 1 month ago.

If the partners choose to close down the business they will have to liquidate the assets and pay all of the liabilities, plus distribute any remaining money according to the percentage interests of the partners. There is no time limit on them reopening a similar business, but they cannot use the same assets because those have to be liquidated.. If there is value in the name, you may be able to stop them from using it. The small business maneuvers between partners and small corporation shareholders can get very tricky and technical.

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