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Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 57750
Experience:  Experienced lawyer
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My business partner suddenly decided to quit and we are now

Resolved Question:

My business partner suddenly decided to 'quit' and we are now in the process of separating out the assets of the company. I am still servicing existing clients and we have outstanding receivables pending my finishing up the contracted services. She is no longer servicing any part of these existing clients. I realize that she is entitled to some renumeration for the outstanding receivables, but what should that amount be considering I am doing all the work? Can I charge her an hourly rate for servicing them? She has not logged onto our Quickbooks account in over two months. What constitutes abandonment of the business? Thank you.
Submitted: 8 years ago.
Category: Business Law
Expert:  Infolawyer replied 8 years ago.
Consider dissolving the partnership. Partnership debts should be paid before she is paid so you can refuse to make distributions and/or ensure that partnership debts are paid first.   She cannot have it both ways unless you both agree that she surrenders all rights and responsibilities in exchange for an agreed buyout amount.
Customer: replied 8 years ago.
We are in the process of dissolving the partnership. She is not going to surrender any rights to the exsisting receivables, however, as I stated, she is not completing the contracted services - I am servicing them on my own. Please answer as to whether she is entitled to the full amount of the receivables, and whether I am entitled to receive payment out of those receivables for my time in servicing them alone.
Expert:  Infolawyer replied 8 years ago.
She is not. To the extent you are paying more than your share that amount needs to be credited to you and the partnership.   
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