ContractsCounsel Logo

Legal Questions and Answers

Get free proposals from vetted lawyers in our marketplace.

GET FREE PROPOSALS
No upfront payment required. Pay only if you hire.
Home Q&A Forum Can I withdraw from a business partnership agreement?

Business

Business Partnership Agreement

North Carolina

Asked on Sep 29, 2023

Can I withdraw from a business partnership agreement?

I am currently in a business partnership agreement with a colleague, and I am considering withdrawing from the partnership. We have been in the agreement for over a year and our goals and objectives have changed. I am looking for legal advice on the steps I need to take to withdraw from the agreement, and the potential legal implications of doing so.

1 Attorney answer

Answer

Business

North Carolina

Answered 281 days ago

N'kia N.

ContractsCounsel verified

Business Lawyer
Licensed in North Carolina
Free Consultation

Below is a general overview of how the process of a partner withdrawing from a partnership commonly plays out: The withdrawing partner gives written notice of withdrawal. The parties obtain business valuations to determine payout terms. The parties execute some type of withdrawal or buyout agreement that states rights, responsibilities, and restrictions (such as non-competition and non-disclosure/confidentiality), and other important terms of the deal. A partner who is considering withdrawing from the partnership should consider consulting with a knowledgeable attorney who can review the Partnership Agreement and the terms of a proposed withdrawal or buyout agreement, and either guide the partner through handling the process without representation or represent the partner through the withdrawal. Additionally, the partner might consider consulting with a tax professional regarding tax liabilities. [It is often beneficial for the partner to seek assistance from an independent attorney or tax professional, rather than one who represents the partnership or another partner.]

Use of the ContractsCounsel Q&A Forum does not create an attorney-client relationship between User and any Lawyer User. The Forum is not a substitute for legal advice from a lawyer but is intended to be educational and to help the user determine if legal services are necessary. The Forum, Content, and communications on the Forum do not constitute legal advice.
Meet some lawyers on our platform

Forest H.

242 projects on CC
CC verified
View Profile

Zachary J.

387 projects on CC
CC verified
View Profile

Gill D.

56 projects on CC
CC verified
View Profile

Sarah S.

35 projects on CC
CC verified
View Profile

Find lawyers and attorneys by city