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Dissolving Partnership

Topics relating to managing people and relationships

StartupsRFun

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So my partner went off the deep end and now I want to end the partnership. I am in talks with an investor, so I want to make sure I do this swiftly and correctly, as to not cause any harm to the relationship with the investor. My partner has agreed to dissolve the partnership, and is only requesting that I pay him $150, and instructed that I put in the dissolution agreement that the partnership is not dissolved until he receives $150.

My question is, how do I go about writing a partnership dissolution, that states I will continue running the business, and he will relinquish all equity in the company, and is not entitled to any current or future earnings. I guess Im a little confused by dissolution, as it seems the meaning of it is to dissolve not only the partnership, but the business as well, but of course I want to continue running the business, just not with him. He hasnt breached anything via our current partnership agreement, and he is wanting to end it amicably, I just want to make sure I do it right.

Also I do not have the funds to see a lawyer, so if anyone has any information to a site with a free template I could use or any advice, that would be great.
 
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Esquire

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Well ... my "official" advice would be to enlist the services a lawyer.

But ... if that's not on the table ... I'd say this:

Don't overcomplicate the simple.

Draft an agreement. Say what you intend. Say it clearly. Avoid ambiguity.

The resulting document might not be perfect ... but it just might do the trick.

Good luck.
 

StartupsRFun

Bronze Contributor
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Jul 2, 2013
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Well ... my "official" advice would be to enlist the services a lawyer.

But ... if that's not on the table ... I'd say this:

Don't overcomplicate the simple.

Draft an agreement. Say what you intend. Say it clearly. Avoid ambiguity.

The resulting document might not be perfect ... but it just might do the trick.

Good luck.

Thanks, ended up just shelling out the money and hiring a lawyer. Turned out to be the best decision and now the partnership is behind me and can move on with setting up an LLC.
 

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