Q: Partner quit project, agres 2 termination agrement, transfering profit share & rights without compensation. Enforceable?
I have been working on a project with my business partner. We got a lot of work done but, suddenly and voluntarily, he quit the project.
He gave me all the work/materials and told me that he didn't want any credit nor monetary compensation.
We signed a 2 page agreement, before starting the project, where we agreed to partner for this project only. The deal memo says that he would get a % of the profits and that we would split all the costs incurred, such as traveling expenses, hiring other people sporadically, etc. We actually had several expenses but he doesn't want any reimbursement either.
since this isn't a registered LLC, and we started collaborating after just partnering as individuals, what would be the best way to dissolve and terminate our partnership? He agrees to sign a termination agreement that says that he is transferring all his shares of the profit and rights to me without any compensation. Would that be an enforceable termination agreement?
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- New York
- (908) 460-5431
- View Profile
- Answered
A: A termination agreement should suffice, just make sure it's thorough and that his waivers are knowing and voluntary. Best to have a decent lawyer review it, just so happens I am a decent lawyer :)
1 user found this answer helpful
A: Anything in writing saying what you said, as long as it is signed by both, would be enforceable. If you have no writing, then your oral understanding may not be enforceable.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
