Ending a partnership
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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?
Answer
I would start with your partner and then the lawyer. Until there is a written agreement, there are no steps.
Marc
Answer
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.
