General Partnership Business - QuestionsThis is a discussion on General Partnership Business - Questions within the Business Talk forums, part of the Business Discussion category; I had a general partnership with someone, who has stepped down, to go her own way. I now am the ...
(#1)
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Posts: 306 Join Date: Feb 2011 Location: Fort Worth, Texas Real First Name: Stephene Camera: Canon Can Others Edit My Photos: Yes iTrader Rating: 0 LIKES Received: 10 LIKES Given: 22 | General Partnership Business - Questions -
07-23-2011, 04:37 PM
I had a general partnership with someone, who has stepped down, to go her own way. I now am the sole owner of my business. How do I go about changing the DBA? Also, we have a contract with LivingSocial, that is supposed to be hitting pretty soon. The EIN is in my name/address, so I don't think I have to worry about that. However, because of the address on the DBA, things will get mailed to her, including the check from LivingSocial. I am going to contact living social, to see if they can simply change the address that things get mailed to. I am just asking for opinions and advice on this kind of business split.
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(#2)
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Posts: 6,216 Join Date: Dec 2004 Location: Houston, Texas Real First Name: Brian Camera: Canon 40D & 20D, iPhone 3G, and a Walgreens Disposable Can Others Edit My Photos: Yes iTrader Rating: 4 LIKES Received: 19 LIKES Given: 26 |
07-23-2011, 04:53 PM
Should all be set forth in the partnership agreement. Simply file an amended agreement with the state for the new partnership (that becomes a sole owner, might want to add a spouse or loved one as a minority owner to keep it a true partnership and avoid problems). She'll have to sign some papers.
Be sure to consult with the lawyer who drew up the papers or another lawyer though. I recently worked on a case (I'm an investigator) where one member of a partnership left and set up his own shop, competing with the original partnership. 6 months later the remaining partner tried to sue him for stolen funds (he intercepted checks, etc) and business and the judge basically said : tough - he was never taken off the partnership so has as many rights as you do for the money, even if he did no work.
After everything gets settled, file a change of address notice with the Post Office in the business name redirecting the mail from the old address to the new address.
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(#3)
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Posts: 306 Join Date: Feb 2011 Location: Fort Worth, Texas Real First Name: Stephene Camera: Canon Can Others Edit My Photos: Yes iTrader Rating: 0 LIKES Received: 10 LIKES Given: 22 |
07-23-2011, 05:48 PM
We never had a lawyer draw up anything. This is all verbal. I am assuming, just removing her name (obviously with her present) from the business documentation, that everything should smooth out. I will put in a change of address though, I never thought about that...snake in the grass... | | | |
(#4)
| | You Can't Be Serious!!
Posts: 6,216 Join Date: Dec 2004 Location: Houston, Texas Real First Name: Brian Camera: Canon 40D & 20D, iPhone 3G, and a Walgreens Disposable Can Others Edit My Photos: Yes iTrader Rating: 4 LIKES Received: 19 LIKES Given: 26 |
07-24-2011, 08:53 AM
What kind of "Business Documentation" did you have?
Just a county level DBA or a state level General Partnership (or LLP)?
If it is just a DBA, you can file a withdrawal with the county (but might require her signature also), then refile in the same name as a sole proprietorship.
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(#5)
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Posts: 306 Join Date: Feb 2011 Location: Fort Worth, Texas Real First Name: Stephene Camera: Canon Can Others Edit My Photos: Yes iTrader Rating: 0 LIKES Received: 10 LIKES Given: 22 |
07-24-2011, 06:06 PM
We went to the county tax office, so I believe it is just county level. She knows she has to withdraw from the DBA, so can she withdraw, without my signature? | | | |
(#6)
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Posts: 6,216 Join Date: Dec 2004 Location: Houston, Texas Real First Name: Brian Camera: Canon 40D & 20D, iPhone 3G, and a Walgreens Disposable Can Others Edit My Photos: Yes iTrader Rating: 4 LIKES Received: 19 LIKES Given: 26 |
07-24-2011, 06:48 PM
I think you both need to sign a note withdrawing the whole DBA, then you need to refile with just your name. Some counties do it differently, so yours could be just her withdrawing by herself. (although that would not make legal sense, since she could leave you "holding the bag" with business debt, etc)
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07-27-2011, 02:32 PM
You just need to go to the county assessor and redo a DBA for yourself. She will not need to be present. I just went through the same exact thing two years ago. | | | | | Thread Tools | | | | Display Modes | Linear Mode |
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