assume that this is indeed a partnership and not a limited company.
do not have a partnership agreement, then the partnership is governed by the
1890 Partnership Act.
is no provision in the Act for retirement/resignation or death of one of the
partners. In that case, the partnership is dissolved and the assets sold off
unless you can come to another agreement.
is no provision, in the absence of you agreeing it between you, for one of you
to take the assets over or to sell your partnership to someone else.
is nothing to stop you leaving and setting up on your own, as indeed there is
nothing to stop him. The assets however, would have to be sold on the open
market, but you would be free to buy those.
appreciate that this is not the answer you wanted but there is no point in me
misleading you. I have a duty to advise you truthfully and honestly, even if
that answer is unfavourable.
that answer the question? Can I help further? Can I answer any specific points?
Please don't forget to
positively rate my answer service even if it was not what you wanted to hear. You
should now see a series of buttons which enable you to rate my answer service
If you don't rate it positively, then the site keep your deposit and I get 0
for my time. It is imperative that you give my answer a positive rating.
It doesn't give me, "a pat on the head", "good boy" (like ebay), it is my
If in ratings you feel that you expected more or it only helped a little,
The thread does remain open for me to answer follow-up questions after rating
my answer service.
off-line shortly but will pick this up later because I am on and off-line each
day and weekend so please bear with me.