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Lawdoctor, Attorney
Category: Business Law
Satisfied Customers: 1400
Experience:  I have handled numerous business law cases during my career
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Can my portion of a business be quit claimed to the remaining

Resolved Question:

Can my portion of a business be quit claimed to the remaining partner(s)?
Submitted: 7 years ago via LawDepot.
Category: Business Law
Expert:  Lawdoctor replied 7 years ago.
Dear Taylor:

Thank you for allowing me to assist you with your question.

A quit claim deed applies to real estate, such as a building or home. The real estate portion of your business assets such as an office building you own can be handled by a quit claim deed, but it will be subject to an existing mortgage or liens.

To transfer ownership of other property such as equipment, accounts receivables, or liabilities, you would need a contract to handle these. Also, since you are in a partnership, you will need to address the withdrawal of a partner which must be done in accordance with your partnership agreement.

I highly recommend that you contact a lawyer in your location who handles business law. Mistakes made may be very costly and an attorney would help to prevent this.

I hope this answers your question and good luck with your dissolution of partnership.

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DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the states of Florida and Mississippi. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.

Please remember that we have not created an attorney-client relationship, and that my post is not intended to be specific legal advice. The answers given are limited to the information you have provided in your post. For specific legal advice, please consult with an attorney licensed in your state.

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