Dissolving a partnership

Asked almost 2 years ago - Glendale, CA

What sort of things is normally included in paragraph 4 of Form GP-4 titled "Other Matters, if any"?

Attorney answers (3)

  1. James Noel Voeller

    Contributor Level 8

    1

    Lawyer agrees

    Answered . "Form GP-4" is not identifiable by your description. If you are planning to form a General Partnership you should seek out competent legal advice. This is not an area of the law that you should try to figure out on your own. Also, avoid the online legal document providers. There is no way that your interests will be properly protected without a competent attorney assisting you in this matter.

  2. Frank A. Natoli

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    Answered . I agree with my colleague here. You may or may not need to file anything with the state to dissolve a general partnership (this can depend), but you do need to discuss it all over with a lawyer so all the facts and circumstances can be explored.

    For example, there may be things you are not considering that can come back to hurt you later and may impact your overall liability.

    Most of us here, including myself, offer a free phone consult.

    Best regards,
    Frank
    Natoli-Lapin, LLC
    (see Disclaimer)

    The law firm of Natoli-Lapin, LLC (Home of Lantern Legal Services) offers our flat-rate legal services in the... more
  3. Matthew Erik Johnson

    Pro

    Contributor Level 17

    Answered . There are no standard forms for a partnership. The form you likely obtained is merely one template that was used online by one legal department. However, forms have significant limitations - as no form can ever be created that anticipates every partnership need. Every partnership make-up could be different, and the business could require separate negotiations and issues. A visit to an attorney would be a great idea - and is a GREAT idea for any new business owner. CPAs and attorneys are a competent business owner's best friend.

    Matthew Johnson phone# 206.747.0313 is licensed in the State of Washington and performs bankruptcy, short sale... more

Related Topics

Small business partnerships

A business partnership is an arrangement whereby parties enter an agreement to cooperate for their mutual benefit.

Business contracts

A contract is an agreement voluntarily entered into by two or more parties that is intended to create legal obligations between them.

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