Help!! How to leave a limited partnership???

MDUK

pinkypink411 wrote:

Another update.....

I spoke to my rude and arrogant Accountant this morning, who has obviously decided that he has more chance of getting business from my business partner in the future instead of me! and i have decided that perhaps i should just wash my hands with everything, walk away and put this ine doen to bad experience!!

He seems to think that (despite me having more of an administrative role) we are only entitled to what we have put into the account! Yeh right!! i have have a partnership agreement which proves that wrong!

Anyway.....i think i even if i go to a solicitor, the chances of her ever paying me the money i am due are slim as i am certain she will find some way of delaying the whole situation, which would probably result in months of stress and masses of solicitors fees.

Do you think i should just walk away????

I have read your post with interest, I was wondering why your partner had fallen out with you and that you seemed to be the one that was 'hard done by'

Then i read your post about your "rude and arrogant accountant" and it made me wonder why they, an univolved third pary should have an issue with you. One person seems feasible, 2 seems frankly, careless. It made me wonder if perhaps your limited experience is causing you to rub people up the wrong way.

There is not enough information for me to draw any real conclusions, there is always two sides etc but i can't help wondering if there is more to this than first meets the eye.

I also wondered that although you are asking for advice, whether you actually know in your own mind what you should be doing. I think this is what it actually boils down to, In your own mind do you challenge this to get what is rightfully yours or have you caused this situation and the time is now to bow out gracefully having gained the experience to avoid this situation in the future.

I don't know the answer, only you do.

One piece of advice i can give is that being in business, means dealing with people, whether you love them or loathe them. If you want to succeed in business then you have to learn to deal with them, it is not an easy lesson.

pinkypink411

Thank you for your comments MDUK.

Apologies for misleading you. I understand that the limited information that i have provided so far could lead to misinterpretations of the situation.

The reason that my business partner and I have fallen out is due to the fact that I decided to leave the company as I do not feel it is right for me, and that she feels as though I have abandoned her and our plans etc. Therefore it is for more personal reasons that professional perhaps. Just to clear it up, we have fallen out because I am leaving not because we were arguing forcing me to leave.

I feel my accountant seems to taken sides because he is thinking of his personal business, and considering he works over 50 miles away from me, (and only 2 from mt business partner) and I am unlikely to continue in this business and she is, this is also understandable.

You are absolutely correct in that I have been very naive in this whole situation, and I should have stood my ground and taken equal drawings from the company from the beginning. I should have been less sympathetic to her personal situation, and thought more about myself. However I cannot turn back time. Believe me, if I were to repeat the last year, I would do many things differently.

My reasons to not "bow out gracefully" as you put it, are for both financial and principal reasons, as I feel the only reason for me to walk away from this whole situation would be to avoid stress and to move on, not because I feel I am in the wrong.

MDUK

Thanks for the clarification. I am not one to walk away from a fight and if someone has taken the p*ss then i will fight back. The truth is some battles are worth fighting some arent'. If you are doing this as 'a mater of principle' is it really worth it when weighed against the stress and anxiety?

If you genuinely feel that you have been wronged and that you want what is righfully yours (the equivlent payout) then you need to take advise and give it serious consideration before pursuing it. if you decide to for it, then do it. The addage 'what doesn't kill you, makes you stronger' springs to mind.

BTW i am not personally a great fan of the CAB i would probably try and get a 'free first consultation' from an appropriate solicitor.

I don't envy you, whatever the background it will be causing you discomfort. However as you are the only one to know the full story that decision will have to be yours.

I wish you all the best in whichever route you take.