Legal

Ask a Lawyer and Get Answers to Your Legal Questions

Ask a Lawyer,
Get an Answer ASAP!

Legal
This answer was rated:

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

I am a partner in...
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
Show More
Show Less
Ask Your Own Legal Question
Answered in 11 minutes by:
9/6/2013
Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12,554
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
Verified

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,

 

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

 

Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12,554
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
Verified
Andrea, Esq. and 87 other Legal Specialists are ready to help you
Ask your own question now
Customer reply replied 4 years 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

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

 

Ask Your Own Legal Question
Ask Andrea, Esq. Your Own Question
Andrea, Esq.
Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12,554
12,554 Satisfied Customers
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.

Andrea, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,353 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,727 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

42,358 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

292 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
I was arrested for possession of false identification. At
I was arrested for possession of false identification. At the time it was considered a crime in the state of NH. Since that time they have changed it to a misdemeanor. Does this mean I no longer have … read more
Nisha Jones, Esq.
Nisha Jones, Esq.
Juris Doctorate
1,755 satisfied customers
I was pulled over for a possession charge of 1 to 4 but no
I was pulled over for a possession charge of 1 to 4 but no less than three. The drug wasnt on me at all. It was scattered on my floor boerd while I was being detained … read more
Zoey, JD
Zoey, JD
Doctoral Degree
181 satisfied customers
My ex-wife filed an Adverse Possession Form (ST1) on a piece
My ex-wife filed an Adverse Possession Form (ST1) on a piece of land (attached to the family home) that was allocated to me during our divorce in Dec 2006. She got the house. The land is held by an Is… read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
20,727 satisfied customers
I have a question about “removing a child during possession”
I have a question about “removing a child during possession” … read more
Dwayne B.
Dwayne B.
Juris Doctor
28,688 satisfied customers
My civil rights were restored, but not the right to possess
My civil rights were restored, but not the right to possess a firearm after a release from prison in 1984. I now own two real estate firms and often carry large sums of funds to escrow and banks. I am… read more
Thelawman2
Thelawman2
Doctoral Degree
1,291 satisfied customers
Thanks I'm trying to restore rights with a possession with
Thanks I'm trying to restore rights with a possession with intent of marijuana felony. Is this possible or what is easiest way to make it go away. It was in 1999 of July in SC … read more
Zoey, JD
Zoey, JD
Doctoral Degree
181 satisfied customers
I have a question about land possession in the State of
I have a question about land possession in the State of Michigan. This may get a little confusing but here goes. About 30+ years ago my Father, Grandfather and Uncle purchased 2 large pieces of land. … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
35,307 satisfied customers
I was awarded possession of my rental property but they are
I was awarded possession of my rental property but they are horrible hoarders. So I allowed them 24 hours to get packed cuz they've literally boxed up nothing since Thursday. If I let them stay one mo… read more
Bill Attorney
Bill Attorney
law
1,585 satisfied customers
If my father has possession of a general power of attorney
if my father has possession of a general power of attorney that I provided to him and now his wife has full power of attorney over him since he has alzhemiers/dementia. Can she use my power of attorne… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
35,290 satisfied customers
I was convicted of a felony: possession of child pornography
I was convicted of a felony: possession of child pornography over a year ago in camp foster Okinawa, Japan. Does this show up on a civilian background check? Will it affect my ability to get a job? … read more
Bill Attorney
Bill Attorney
law
1,585 satisfied customers
Can a buyer who completed pof a home with possession but
Can a buyer who completed pof a home with possession but pending conveyance ofvtitle … read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
20,727 satisfied customers
My friend was convicted for possession with intent to
My friend was convicted for possession with intent to distribute. He was pulled over within feet of a known crack house. The drugs he was charged with was found on the ground. The original arresting o… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
42,358 satisfied customers
Need definition of realestate term: adverse possession.
need definition of realestate term: adverse possession … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,317 satisfied customers
If a chapter 11 debtor in possession misses their deadline
If a chapter 11 debtor in possession misses their deadline to submit a reorg plan....can a creditor committee submit their own proposed plan to the court? And does the debtor have any ability to block… read more
KJL LAW
KJL LAW
Juris Doctorate
1,756 satisfied customers
Is a demand for possession and eviction notice?? Missouri,
No nothing has been filed. Was received on 14th of last month to be out by October 2nd taped on the door. … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,317 satisfied customers
Is first offense possession of .2 of cocaine a felony in SC.
Is first offense possession of .2 of cocaine a felony in SC … read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
42,358 satisfied customers
Daughter was indicted for possession of cocaine. Said it
Daughter was indicted for possession of cocaine. Said it weighed 8.8 grams for 255 dollars … read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,182 satisfied customers
In Utah property must be in the possession or under the
In Utah property must be in the possession or under the control of the debtor in order for a judgment creditor to obtain a writ of execution and execute on the property. If the property is real proper… read more
Ray
Ray
Lawyer
Doctoral Degree
30,843 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x