the partnership was formed in February 2010
Iassume that this is indeed a partnership and not a limited company.
If youdo not have a partnership agreement, then the partnership is governed by the1890 Partnership Act.
Thereis no provision in the Act for retirement/resignation or death of one of thepartners. In that case, the partnership is dissolved and the assets sold offunless you can come to another agreement.
Thereis no provision, in the absence of you agreeing it between you, for one of youto take the assets over or to sell your partnership to someone else.
Thereis nothing to stop you leaving and setting up on your own, as indeed there isnothing to stop him. The assets however, would have to be sold on the openmarket, but you would be free to buy those.
Iappreciate that this is not the answer you wanted but there is no point in memisleading you. I have a duty to advise you truthfully and honestly, even ifthat answer is unfavourable.
Doesthat answer the question? Can I help further? Can I answer any specific points?
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