It should be noted that persons in financial companies have very similar rights to the rights of spouses of the opposite sex; there are only slight differences. As in the case of the financial partnership, the solution to partnership can be long and complex, and as a divorce, a formal trial is required. In particular, you must be a “financial a partner” for more than a year before either of you tries to resolve your partnership.
The first step is to file petitions with the courts, with the support of Chester solicitors or elsewhere. This is usually made by one of the parties, and their obligation to prove that the partnership has committed an “irrevocable” error. The petitions will require detailed information about the last time you lived with your partner, address and other important factors that the court could consider, for example, in the presence of children.
In addition, you will need to prove one of the following four facts: First, conduct your partner in a way you do not expect to live with. Second, your partner has left you for two years or more. Thirdly, you and your partner have been separated for at least two years and agree to solve the problem. Finally, if you and your partner have separated you for five years or more, you will only need to find a solution. You must choose one of these “facts” as a “foundation”.
You’ll need to fill out an additional form if your children are in a partnership. The court will send a copy of the petition to the partner, give him eight days to respond, and you will receive a form stating that the petition was sent to them. Your partner can challenge the decision. This can be very frustrating, time-consuming and expensive – fortunately, this happens very rarely. You should consider asking for legal advice if you are in this position. must consider removing a partner from a financial partnership the following is the checklist
Performance of Duties: Before signing the decision, make sure that you and your partner have fulfilled all obligations in accordance with the original agreement: After the contract expires, the original contract is invalid.
Review Agreement: Review the original agreement and prepare a list of rights and responsibilities for each party. Make sure your interests are met.
Debts and Obligations: It is important to inform colleagues that partners will no longer be responsible for the debts and obligations of the other party
Notice: The most important part of the solution is to provide a realistically written notification of the decision to all suppliers, customers and partnership customers. Publication of a notice of dissolution in a newspaper is not enough. The advertisement must be very clear. The one-time notice cannot be withdrawn without consent of all partners.
Consultation: Consult your accountant and lawyer for more info before deciding to avoid tax and legal consequences.
Income & Loss: Partners may agree to classify revenues and losses in accordance with terms of the contract. Without a legal agreement, the partners shall distribute profits and losses equally. Partners share losses by dividing profits
You can apply for a “police order” if the court does not see why the financial partnership is not resolved and does not challenge your partner. Requires you and your former partner to attend the trial. At this stage, it should be noted that the latter is still necessary to complete the legal partnership.