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Partnership ending

  • 09-12-2015 12:09am
    #1
    babyboomer123
    Registered Users, Registered Users 2 Posts: 2 ✭


    Small business, no debt, one partner leaving while other remaining to continue as sole owner. No agreement in place from day 1. Settlement amount agreed. Remaining partner wants exiting partner to sign agreement handing over their half of the business and accept payments in monthly installments as he can't pay in one lump sum. Should exiting partner agree to this? What if payments are not made? Settlement amount is not too big amount. Any advice?


Comments

  • #2
    Losty Dublin
    Registered Users, Registered Users 2 Posts: 13,258 ✭✭✭✭Losty Dublin


    babyboomer123 wrote: »
    Small business, no debt, one partner leaving while other remaining to continue as sole owner. No agreement in place from day 1. Settlement amount agreed. Remaining partner wants exiting partner to sign agreement handing over their half of the business and accept payments in monthly installments as he can't pay in one lump sum. Should exiting partner agree to this? What if payments are not made? Settlement amount is not too big amount. Any advice?

    Yeah. Get a solicitor to deal with this. There's a lot going on, far too much to be settled with a handshake.


  • #3
    babyboomer123
    Registered Users, Registered Users 2 Posts: 2 ✭babyboomer123


    Got it sorted today to my satisfaction, thanks.


  • #4
    Pat Mustard
    Registered Users, Registered Users 2 Posts: 9,554 ✭✭✭Pat Mustard


    No legal advice.


This discussion has been closed.
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