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What is the Proper Way to Dissolve a Partnership in New York?

In the State of New York the dissolution of a partnership and even of a closely held company or limited liability company requires an assessment of (a) the underlying business, (b) any partnership, shareholder or member operating agreements (if they exist), (c) distributions and loans that may be due to partners, shareholders or members and (d) whether or not a dispute exists between the partners.

Dissolution of a partnership is typically preceded by a dispute between business partners and how they respond to the dispute. Consider that even if there is no written agreement between business partners, shareholders or members a legal relationship (in the form of fiduciary duties) exists between such partners. A partner, shareholder and member cannot divert business assets, business opportunities or clients.

If you are a business owner considering the dissolution of your business, understand your rights to business assets and when faced with a partnership dispute. Order a complimentary copy of The New York and New Jersey Partnership DIspute Guide.

Charles Internicola

by Charles Internicola
National Business and Franchise Lawyer

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