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Partnership Name Change?
Orland, CA
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Posted 3 months ago in Partnership
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There are 4 Busines owners on a small motel and 3 of the business owners want to sell or give their partnership legally to their sons; by doing so what form must they fill out and is it legal even if the 4th party is not willing to do so?
Answers (1)
Pamela Koslyn
This attorney is licensed in California.
Posted 3 months ago.
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Have you got a partnership agreement? If so it should provide for how partners can transfer their shares, if at all. If you don't have a written agreement, partnership law usually requires that partners have to unanimously agree on any transfer or change, because partners are liable for each others debts and agreements, so each partner is entitled to decide who will be a partner and whose liabilities they'll take on.
You should consult a business lawyer to help you work this out. 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. |
