I just opened a new business with my fiancee. Its been about a week. I no longer want any part in this partnership. Wat do I do

The first thing you should do is analyze the terms of your partnership agreement. Most partnership agreements, even poorly drafted ones, will have clauses regarding termination.

If you have no partnership agreement, then most jurisdictions have adopted laws that would govern the standard provisions of a partnership. Even if you do have a partnership agreement, the laws should nevertheless be consulted to ensure that no provision of the law preempts any provision of a partnership agreement you may have.

You should consult an attorney in your local jurisdiction.

DISCLAIMER: Although I am an attorney, absent a signed retention and engagement letter, I am not your attorney. There are no exceptions to this rule. Moreover, you shall not rely on the information I am providing you, as it is only for your general knowledge and educational purposes. Indeed, my analysis is always based on the laws of Georgia, and your jurisdiction might have substantially different laws and requirements. As such, you should always contact an attorney that practices in your local area.

I agree with the 1st attorneys answer and would add that you may just want to sit down over coffee and talk about the fact that it's not working out. You didn't mention whether you wanted out of the personal relationship, but if you don't, state that you think the personal relationship is more important than the business and want to save that. Talk about solutions and present it in a positive manner.

Hopefully you have a written agreement with an exit clause/closing clause.

Depending on the type of business - you may have other options.

Good luck with your situation and remember the above is general information and not advice since I don't have all the facts.

Matthew Williamson

A week isn't very much time to test a new working relationship, but if you're sure you want to dissolve this partnership, see if your partner feels the same way.

If you have a written partnership agreement or any other governing contracts, you'll need to consult those, and if not, CA partnership law says that a partners's buyout should be the share's value at the time of dissolution. Since you've only been operating this business for a week, the value you started with couldn't have changed much if at all in a week.

One option is to offer your partner an amount, and be willing to either buy their share or sell your share for that amount - sort of fair way to cut a slice of cake, one person cuts, the other chooses. Hopefully you can dissolve this amicablye and salvage the personal relationship. Even so, your partnership dissolution should include mutual releases for each other.

You may want to get a lawyer involved to make sure everything is dissolved properly.

Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.