Ending a partnership
I am a 50/50 partner in a partnership LLC, a very small business that makes no money (yet), has no assets, etc. I want to get out of it. What are the steps and is it a difficult legal issue assuming my partner is cool about it?
499
323
cNWRcCVK8r3QjyacfA8pyY
10/21/09 7:42am PDT
Viewed by asker 11/16/09 8:35am PST
Viewed by asker 11/16/09 8:35am PST
2 Replies
CopperCanyonTax
Questions asked: 2
Questions answered: 648
Points earned: 1779
Questions answered: 648
Points earned: 1779
Allstar
Advisory council of community power users.
10/21/09 4:46pm PDT
I would start with your partner and then the lawyer. Until there is a written agreement, there are no steps.
Marc
Marc R Barnes
Copper Canyon Tax and Financial Services
coppercanyontax.com
Copper Canyon Tax and Financial Services
coppercanyontax.com
KathyZaro
Questions asked: 19
Questions answered: 160
Points earned: 390
Questions answered: 160
Points earned: 390
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
ProAdvisor
Members of the QuickBooks ProAdvisor Program
Certified ProAdvisor - ES
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient Enterprise Solutions experts
11/15/09 11:53am PST
Latest post
Best Answer - Chosen by the Community
After you legally dissolve the partnership, please make your ex-partner aware of the fact that as a single member LLC the burden is then upon him to select how the government is going to "see" the LLC. He has the choice of S-Corp, C-Corp or Disregarded entity. A great deal of thought should be made before selecting any of these as the tax implications can be dramatically different between them.
Please mark this question solved. Thank you.
Kathy Zaroczynski, E.A.
Zaroczynski and Associates
http://www.zaro1040.com
"Let us help you succeed."
If this answers your question or helps you, please select helpful answer or mark solved. Thank you.
Zaroczynski and Associates
http://www.zaro1040.com
"Let us help you succeed."
If this answers your question or helps you, please select helpful answer or mark solved. Thank you.
