Madison, TN asked in Business Formation and Business Law for Tennessee

Q: I started my own business with a partner. She wants to back out and no longer be o co owner. How do I remove her in TN?

2 Lawyer Answers

Frank J. Steiner

PREMIUM
Answered
  • Nashville, TN
  • Licensed in Tennessee

A: You must file the appropriate paperwork with the Secretary of State.

Mr. James Charles Wright

Answered
  • Knoxville, TN
  • Licensed in Tennessee

A: Sorry- I hate to give "it depends" answers. But - it depends. If the two of you have just started- and have not filed any documents anywhere- then it can be pretty simple- you simply would reach an agreement that would terminate the arrangement between the two of you IN WRITING- so there are no misunderstandings - hard feelings later. If there have been filings- bank accounts- then you would need to include this in the agreement and then "undo" these. This is all based upon your statement that "your partner" - that this is a general Tennessee partnership. If this is an LLC or a corporation - then the answer is different- but may be suprisingly easier than you might think.

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