I have a business that the partnership has gone sour. We our not communicating anymore. I have moved away from the business cause of family reasons but I still own it. My partner is handling all the operation for the business now. Now I WANT OUT of the business. Our assets total is about 200k...the land is still under lease and also some of the equipment through a bank. The past 4 years we both have not paid ourselves anything cause we've reinvested our profits back to the company. The business is still operating today.
I'm not sure what I need to do to get out of the business? What do I say to the bank that gave me the loan to do my business? Do I just go up to them and say I'm not part of this business anymore and they need to take my name off? Do I need to file anything like partnership dissolution or something or tax papers? Also I was wondering now that I want out do my partner have to BUY me out? If so how much do I get out of it?? We both put in the same amount of money and time into the business and under our partnership agreement it's 50/50..
NOT SURE WHAT TO DO PLEASE HELP ANYONE.....THANK YOU...
