Dissolution of partnership, procedure under TX corporate/partnership laws for liquidation of assest or sale of assets

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We practice law only in California. You should consult an attorney in your city or state for legal assistance.

Normally the terms and conditions of the partnership agreement control. Read the agreement and see what your options are. Consult a CPA to determine tax consequences of all your options. As a general rule and after taking tax issues into consideration, we've found that its normally best to remove the partner asap so that he/she can get on with his life and the remaining partners can continue to move forward with their partnership efforts. Allowing buyout strings to remain over the long-term normally serves little beneficial purpose and can result in even more problems and disagreements.

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Best Regards,

Jon Mitchell "Mitch" Jackson
Jackson & Wilson, Inc.
An "AV" rated firm listed in Martindale-Hubbell's Bar Register of Preeminent Lawyers
www.JacksonWilson.com