50/50 partnership. Difference between dissolving a partnership and exiting a partnership ?
Hi Gurus and Gurets ;)
Our business has 8 rental properties meant to be held long term:
My business partner says there is a difference between exiting a business through exit strategies listed in an llc and disolving a business. Is she correct ? (doesn't seem accurate to me)
She is saying if we exit based on the exit strategies for normal cause (wanting to retire etc) then the exit strategies will be enforced but if we aren't getting along and someone wants out ; that regardless of what they exit strategies say a judge will award half of the rental properties to each 50/50 partner. I am under the impression that if the exit strategies say someone unhappy or wanting out for any reason can be bought out ; that is what will take place and the person wanting out will not have the option of taking half the properties if they choose.
We aren't fighting but just want clarification: who is right ?