A business partnership in Prince George’s County may come to an end for many reasons. One partner may want to retire or move to another line of business. In some cases, business disputes lead to a dissolution.
It is important to handle all the legal issues involved with a partnership dissolution carefully, even if you do not have a written partnership agreement specifying terms. A knowledgeable partnership dissolution lawyer at the Law Office of Ralph W. Powers, Jr., P.C. could assist with negotiating resolution of any outstanding issues and fulfilling all legal requirements to end the partnership.
Issues That Can Affect Partnership Dissolution
Several factors can affect the process of dissolving a business partnership in Maryland. If the partners executed a written partnership agreement that includes terms addressing dissolution, these terms must be followed unless your attorney can find a compelling reason otherwise.
Matters not spelled out in a partnership agreement will need to be addressed. These include:
- The value of the business
- Apportionment of assets and debts to each partner
- Return of any personal property used for business purposes
- Storage of partnership property
- Tax responsibilities
Both parties may need to sign articles of dissolution to be filed with the State of Maryland. A business partnership attorney could determine filing requirements and assist with compliance.
Assistance with Business Dissolution in Prince George’s County
Whether a partnership operated as a general partnership, limited partnership, limited liability partnership, or some other structure, mistakes or overlooked issues in dissolution can lead to costly liability problems. When you work with an experienced partnership dissolution attorney at the Law Office of Ralph W. Powers, Jr., P.C., we strive to protect your rights and interests so that you are prepared to move on. Contact us today to learn how we may be able to assist.