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How to Dissolve a Business Partnership in Australia?

Discussion in 'Commercial Law Forum' started by Raynow, 11 July 2014.

  1. Raynow

    Raynow Member

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    I have been in a partnership agreement for 4 months. It is not financially viable for me to continue, and need to know how to remove my name and responsibility from the partnership under commercial law. We have only been to one of those accountants and created a partnership through the ASIC website. No lawyers have been involved as yet.

    Please help, I need to get out of this situation.
     
  2. John R

    John R Well-Known Member

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    Hi Raynow,
    I assume you have a Partnership Agreement? What does it say in relation to ceasing to be a partner?
     
  3. Raynow

    Raynow Member

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    We have no legal agreement as such. There is a joint bank account and only our names together with ASIC as we created a trading partnership.
     
  4. John R

    John R Well-Known Member

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    Hi @Raynow,
    Partnership legislation can vary by state/territory. Where are you located?
     
  5. Raynow

    Raynow Member

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    Brisbane
     

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