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How can I protect myself legally while forcing the dissolution of a 50-50 business partnership that I no longer want to be a part of?

Having realized that your 50-50 partnership is not working, you will want to protect yourself legally if there are disputes or complaints from third parties.
Businessknowledgesource.com has some practical suggestions in “How to Peaceably Dissolve a Business Partnership.” Here are some noteworthy guidelines for protecting yourself:

• Read your partnership agreement. It should have a dissolution clause that will advise how to terminate the relationship. Not following it could expose you to litigation or arbitration if your agreement has an arbitration clause.
• An arbitration clause will protect you from your partner filing a lawsuit against you in court.
• Examine all contracts, licenses and leases that exist and may become null and void after the dissolution, or that may continue after dissolution, such as a lease.
• Determine taxes that will be owed, loan agreements, outstanding debts and receivables, and who will be responsible if these are not divided equally.
• Determine which partner will be followed by existing clients after the dissolution. Send letters signed by both partners to each client advising them of the dissolution and who will be handling their affairs.
• If the dissolution clause does not address these points, you should make a written agreement addressing each of these issues and have it looked at by your separate attorneys.
• Sign and file a notice of dissolution with your state, and finish all partnership business within the prescribed statutory time.
Arbitration can be expensive, so try to work out an amicable dissolution.

Information and data contained in this post gathered in association with a Georgia car accident lawyer at Kenneth S. Nugent, P.C.