Ask a Lawyer and Get Answers to Your Legal Questions
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.
If not, I hope that you will enter a positive rating for my assistance here by clicking on 3, 4, or 5. There is no additional cost to you. Thanks again for using JUST ANSWER.