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What can I do to do a business dissolution. what forms do i…

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What can I do...

What can I do to do a business dissolution. what forms do i need.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Texas

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I am in partnership with my son who plans to open his own company. I'm retiring in July and collecting social security . Being in business for 7 years with gross sales of $750,000/ year, 6 employees including my son and I

Submitted: 1 month ago.Category: Legal
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Answered in 19 minutes by:
5/25/2018
Lawyer: Attorney Wendy, Lawyer replied 1 month ago
Attorney Wendy
Category: Legal
Satisfied Customers: 976
Experience: Member at Keefer & Keefer LLC
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Hello. My name is ***** ***** I am an attorney. When you say you have a partnership, I am assuming that means the business with your son has been operating as a partnership and was not formed into a corporation or LLC. If it is a partnership, you will want to refer to your partnership agreement, if there is one, as to how to dissolve and follow those provisions. If there is no agreement, then you should be able to dissolve simply by documenting your and your son's votes/decision to dissolve and then you will need to take steps to notify and pay creditors and, if any assets remain, to distribute those assets as between you and your son. If, on the other hand, your son will be carrying on the same business/type of business on his own, you may want to consider transferring or selling your partnership interest to him and allowing him to continue with the same business name and goodwill. This is relatively simple though you will likely want an agreement that sets out the terms of the transfer and also relieves you of any future liability for any existing, ongoing or future liabilities of the partnership. In other words, simply transferring your interest in the partnership requires an agreement to do so and then if you personally guaranteed any debts of the partnership you would need any such creditors either to let you out of those guarantees or, more commonly, to allow your son to be substituted. They may or may not allow that, but that would be the goal.

If you, instead, as first discussed and as you mention, want simply to dissolve the partnership and you son would then start a completely separate business, this article does a pretty good job of simply describing the steps to take to dissolve that partnership: https://www.nolo.com/legal-encyclopedia/how-dissolve-partnership-texas.html

I hope this information helps. If you need additional assistance, feel free to reply to this email. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

Please note: This information is for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

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Lawyer: Attorney Wendy, Lawyer replied 29 days ago

Just wanted to check in to see if you need any further assistance.

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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.

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