Dissolution of Partnerships

Dissolution of partnership occurs when the relationship between one or more partners in a business ends. The partnership may be between two high school friends who opened a sandwich shop or a law firm with 16 partners. The size of your business isn’t a factor—it’s the manner in which the partnership dissolves that determines whether you need to take legal action.Common causes for dissolution of partnership by legal means include:

  • Breach of Contract
    When a partner fails to uphold the timelines and rules outlined by the terms and conditions of a contract, a partnership may be dissolved.
  • Continuous Loss
    When the business is continually suffering financial losses and is deemed in court to have no further capacity to recover financially, a dissolution of partnership may be sought.
  • Incapacity
    A dissolution of partnership may be sought if a partner is found incapable of performing his necessary duties and obligations to the business.
  • Misconduct
    When a partner acts in a way to either financially harm the business or to compromise the legality of its business practices, a partnership may be dissolved.

Our North Carolina business dispute lawyers are skilled in various areas of the law, and we want to protect your best interests. Get the help you need now.