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Leaving a business partnership

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tanned

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does anyone know the procedure to leaving a business partnership? I have had enough and would like to walk away I must add I still haven't had the start up costs that I put into the business 4 years ago paid back to me and my business didn't put anything into it although we are on paper equal partners
 

surf girl

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What does it say in your contract? Breaking off a partnership can be easy or hard depending on how thorough your contract is, have you sought legal advice?
 

tanned

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We have no contract, stupid I know!
No I haven't seeked any professional advice as of yet as I'm worried about costs etc
 

surf girl

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Aw I'm sorry to say it but your a dingbat! :confused: I had a feeling you were going to say that!

Right first things first.. Go to a solicitor and as for the free 30 mins they give out (if they still do that)

Has the relationship between you and your biz partner detiriorated past the point of being able to sit down and sort it out amicably?

Are you being fair in what you want as part of your "out" package (put yourself in the other persons shoes when you think about this too)

A close friend of mine just had to walk away from a £10k investment because they had no contract so prepare yourself mentally for that too, do you have any friends in the law industry you could ask for some help from?
 

Haircutz

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You might want to just quit and walk away from the problem, but it's probably not going to be that straightforward.

Have you signed a lease on premises or entered into any other contractual agreements jointly with your business partner? Do you have any employees? Do you have any business related debts or owe any tax to HMRC?

You were very naive entering into a business partnership without getting legal advice beforehand but you should definitely find out where you stand legally before you take steps to dissolve the partnership. It will be money well spent, for your peace of mind if nothing else!
 

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