Partnership problems

Discussion in 'Growing and Managing a Business' started by chadkan, Jan 8, 2011.

  1. chadkan

    chadkan
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    I started a new taxi business with a friend as my partner. We are both on the DBA. He has put up 0 cash. We have a van for a taxi in our names (not the business) The business phone is in my name and the insurance is in my name (Nothing is in the business name or my partners name. My problems is that my partner now wants to keep all his finances seperate from me. I think this is a problem. I dont want to be liable for anything he might do and I dont want my business name associated with him now since he has changed our agreement. However we dont have anything written down for a buisiness agreement. What can I do to break off legaly? Since there is nothing in the business name and nothing in writting, can I desolve the DBA and start my own LLC in the same name? If not, what are my options to get separated. I really want to at least keep the taxi phone number that is in my name. Thanks
     
  2. Fergal

    Fergal
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    Welcome to Business Advice Forum chadkan, thanks for joining.

    Why does your partner want to keep his finances separate from the business?

    Did you use a solicitor or accountant when setting up the DBA?
     
  3. chadkan

    chadkan
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    He wants to spend the money he makes in the business as he makes it where I want to
    Save the money and take out minimal money from it. So basically, we have different goals. Also we did not have an accountant or anything when we set up the DNA, we just both went to the county clerk and filled it out
     
  4. Fergal

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    chadkan thanks for replying back. You might consider contacting the County Clerk again and asking them about the correct procedure for dissolving the partnership. If you have a solicitor that you have worked with before or who has represented your family, it would be worth contacting them to ask about the best way to dissolve the partnership so that there are no future liabilities that might impact on you. These issues can be quite complex and it is important to seek professional advice. Solicitors will often give a first consultation free and this may be enough to get all the info you need at this time.
     
  5. chadkan

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    I want the partnership dissolved but yet need to keep the business running. I sure hope this is possible. Does anyone else have any input on this? I think I will try to find legal help also. I hope to get a free consult.
     

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