How to Break Up With Your Business Partner

Your partnership may have worked successfully for many years, or it may have deteriorated quickly. Either way, there may come a time when you are ready to end your Michigan business partnership.

What to Consider When Ending Your Business Partnership

You may have personal, business, and financial considerations when you end a business partnership. Careful legal planning may help you protect your goals. We encourage you to think about:

• Whether you want to liquidate your business, buy out your partner’s share of the business, or close your business. The terms of the sale or dissolution plan need to be negotiated.
• Your partnership agreement. Your initial partnership agreement may provide direction on how to proceed.
• Your relationship with your soon-to-be former partner. The personal relationship may be important to you, and ending a partnership can be tricky. The actions you take and the way the partnership ends may significantly impact your future relationship.

Once you identify your goals, you can take legal action.

How to Formally End Your Limited Business Partnership in Michigan

After your limited partnership ends and your partnership business is completed, you need to file a Certificate of Cancellation with the Michigan Department of Licensing and Regulatory Affairs Corporations, Securities & Commercial Licensing Bureau. An attorney can help you complete the form and file it with the required fees.

Talk to a Business Law Attorney Before You End Your Partnership

Our Bloomfield Hills business law attorneys want the end of your partnership to be successful. We are ready to help you achieve your goals and end your partnership according to the terms of any applicable contracts or agreements and Michigan business law.

Contact us today to discuss your options and to find out how we can help you set up for what comes next. Call us, text us, or complete our online contact form to learn more.