Dissolving a partnership

Asked over 1 year ago - Glendale, CA

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

Attorney answers (3)

  1. Lori Jeanne Costanzo

    Contributor Level 11

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    Answered . "Other Matters" usually refers to any other specific and unique circumstances which may affect the dissolution of the business. Because the dissolution occurs when there is a change in ownership due to a death or under state and federal laws, the termination of a partnership occurs when it ceases operations. Additionally, the IRS regards a partnership as having been terminated if more than 50 percent of its assets are sold or disbursed within a 12-month period. Therefore, partnership terminations are easily distinguished from dissolutions because the partnership remains active during the dissolution process. It could take several years for the partners of a major firm to reach agreement on the dissolution of the business but all activities of the partnership cease upon termination.

    This is my opinion and should not be construed as legal advise for your specific case as there are many more facts... more
  2. Michael Leo Potter

    Pro

    Contributor Level 20

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    Answered . First of all, your Partnership Agreement should be your general guide in terms of what needs to be included. A properly crafted partnership agreement will address the issue of any subsequent break-up, and the rights of the partners, whether it is a General Partnership or (better yet) a Limited Partnership. I'd recommend you consult with a Business Law attorney in the Los Angeles area. Look on Avvo.Com under Find-A-Lawyer, entering Business Law as the practice area and Glendale CA as the jurisdiction. Good LUck!

  3. Brad S Kane

    Pro

    Contributor Level 19

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    Lawyer agrees

    Answered . As a practical matter, you should hire a business lawyer to assist you in dissolving a partnership. this forum is for general legal advise, not a substitute for retaining legal counsel to assist with specific legal matters, such as filing out legal forms.

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