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Want Out Of A Partnership? Here’s How To Do It

Jul 30, 2021

How To Get Out Of A Business Partnership

When businesspeople enter into a partnership, they don’t stop to think that problems could develop later on. Unfortunately, these situations happen many times, and in most cases, require legal intervention to make sure everything is resolved to the satisfaction of all parties. If you find yourself in a partnership dispute and need a commercial litigation attorney San Jose residents know and trust, turn to Nick Heimlich Law.

Review Your Partnership Agreement

When you first entered into your partnership, hopefully, you and your partner had a written agreement that spelled out the specifics. If so, we suggest you look over this agreement at once. In most cases, a formal partnership agreement will contain options for how the partnership can be dissolved. Should you and your partner have no legal agreement in place, you can still try to work out your differences. However, to ensure your rights are protected, we suggest you contact us here at Nick Heimlich Law to speak with an experienced commercial litigation attorney San Jose clients have looked to for sound advice over the years.

Consider A Buyout

When one partner wants to go their separate way, a buyout may be the solution. If you have us look over your partnership agreement, we may find it contains a formula already established. However, should there be no set formula, either of the following may base the buyout price:

  • The liquidated value of the partnership
  • Sale of the business as a going concern

When determining a buyout without a set formula, the determining factor will be the greater financial value of these options. If you or your partner are disputing the value of your business or other factors, turn to us here at Nick Heimlich Law for assistance.

Dissolution

When a mutual agreement or buyout cannot be reached between both parties, we often recommend the dissolution of the partnership. When this occurs, specific steps must be taken by the partners, including:

  • Distributing or liquidating assets
  • Informing creditors and others that partnership is dissolved

Since each of these and other steps must be followed promptly, it will be best if you have an attorney on your side who has dealt with similar situations in the past. Rather than make a mistake that can cost thousands of dollars or lead to even more legal problems, consult with us here at Nick Heimlich Law.

Don’t Be Afraid of Legal Action

Finally, if no solution can be found to the problem and you feel as if your partner may be committing wrongful acts about the partnership, don’t be afraid to seek legal advice and take action if necessary. Once you have spoken to us here at Nick Heimlich Law and discussed your situation in greater detail, we may find you have a viable case pertaining to such acts as:

  • Breach of contract
  • Fraud
  • Breach of fiduciary duty

Due to the complexities each of these situations can present when trying to dissolve a partnership, never assume you can handle this problem independently. Instead, we recommend consulting your CPA regarding any tax issues and scheduling a consultation with us as soon as possible to make sure your legal rights will be protected each step of the way.

If a business deal in which you have been involved now requires the dissolution of a partnership, speak to a commercial litigation attorney San Jose residents know well here at Nick Heimlich Law.

Call Today To Schedule Your Appointment

C O Lee Boyce Jr
C O Lee Boyce Jr
1708187295
Nick provided me sage advice with my issue. He was efficient, thoughtful, and good natured about the whole process.
David Duckworth
David Duckworth
1700157726
I recently received legal advice from Nick and he was very professional and easy to talk to. He gave us great advice and I would definitely use him again if needed. Thank you Nick!
Rebecca Bauer
Rebecca Bauer
1695770332
Nick was excellent! Very knowledgeable, asks great questions, and quickly understood the situation and was able to give great advice. I so appreciated his time, insight, and expertise in assisting with our situation. Highly recommend!
Charles Chen
Charles Chen
1694420630
Mr. Heimlich has been very responsive to my case and provided extraordinarily useful advice. Thank you!
Mario Cassara
Mario Cassara
1685657082
Nick Heimlich was very professional and knowledgeable in my case. He left a lot of the worrisome I had in my case to the expert and was very good at what he does. I will recommend Nick to anyone who needs council!Much appreciative,Mario
Taryn Harada
Taryn Harada
1682283989
This was the first time ever needing a lawyer for something, I was a bit frantic and overwhelmed with everything going on, but Nick and his team were very professional and honest, and made me feel at ease about my case. They were even professional and cool with the opposing attorney even though she was being unprofessional at times. In the end, they were able to settle my case and bring me a satisfying outcome. If you're ever in a bind and need a business lawyer, I highly recommend Nick and his team.
Jay Kamdar
Jay Kamdar
1677112007
I am an officer at a company that provides B2B Demand Generation services to marketing and sales. Over a number of years, I've worked with Nick Heimlich for legal services. He has advised me well and helped to represent the company in multiple legal disputes including in Court. I am very satisfied with his work and highly recommend him.
Rami Gideoni
Rami Gideoni
1671573652
I needed some legal consultation and per recommendation I received, I have approached Nicholas. He got back to me quickly and provided great service, he was patient, professional and knowledgeable. His advise is much appreciated, it cleared the situation, draw the next steps to follow and placed my mind to peace .I would definitely recommend his service.
I A
I A
1668466596
Nick answered all of my questions with direct and concise answers to my situation. Thank you!
Abe Honest
Abe Honest
1659056852
Mr Heimlich was very professional kind and knowledgeable when I give him a call. I was calling to hire an attorney for an tenant and landlord dispute. I had a particular issue that Mr Heimlich took time to completely listen to me. unfortunately the area I needed help was not an area that Mr Nick practiced. but he was not hesitant to give me some leads and direct me to the right place. he's a man of character and cares about what he does, I can only imagine his level of excellence in his area of expertise. he's a man of great character and I would recommend him for anyone to give him a call and talk to him. thank you very much Nick. thank you for caring .
Tilo S
Tilo S
1645581772
Nick was very helpful when I needed legal advice.Thank you!
Bay Small Moves
Bay Small Moves
1627662780
M C
M C
1567630884
I entered into a membership contract that had unreasonable cancellation requirements. I went to Nick through my company’s employee assistance program. Nick did thorough research and found that the contract term exceeded term limits allowed by California law. As a result, I was able to cancel the contract without any penalty. I was very satisfied with the outcome.
Andyn79 Nguyen
Andyn79 Nguyen
1559407271
He wasn't able to take me as a client but had about 10 mins so he told me tell me and just from that i was able to be clear and did win from really dishonest people. So i am thank you telling the truth gets it's own reward
Mark Brown
Mark Brown
1557175715
Nick was very helpful when I needed assistance dissolving an LLC. Not only did he create the appropriate documentation, but he educated me on the process. His guidance was invaluable, and everything resolved smoothly. I would certainly use his services again in the future.
Bonnie Nevitt
Bonnie Nevitt
1477002289
My family cannot thank Nick enough. We needed a business litigation attorney for a lawsuit that was going to trial, he not only took the time to understand the complexities of the case but was able to convey that to the judge. He was able to get us amazing results. Hands down the best attorney we have ever worked with.
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