It’s a scenario that has played out countless times. Two people get together, come up with a business plan, work together for a while, and then for whatever reason they decide to go their separate ways. The end of any corporate entity, whether it is a partnership or LLC, is often a more nuanced and complex process than many people realize. It’s almost never as simple as sending a letter and moving on.
Disassociating yourself from a partnership or withdrawing from an LLC requires specific steps. If someone leaves a partnership, for example, and goes on to start another business venture, if the disassociation was executed improperly, the former partner may be able to lay claim to part of the new venture. The specifics of course vary with every case.
For more information in partnership disassociations and LLC withdrawals or for help with other corporate law concerns, you are welcome to contact us at (312) 787-5533 or firstname.lastname@example.org