My wife and I created a partnership for a small retail business. It was just her and myself. In 2008 our business closed its doors because of the economic disaster and we never reopened. Is there anything we need to do to lawfully shut down the partnership in Virginia such as forms that need to be filled out and sent somewhere.
Answer
As a Franchise Attorney I'll take a stab at this. Normally, if you filed paperwork to get the partnership started, then you would need to file paperwork to dissolve it. That's not always the case with most partnerships. You will, however, likely need to file a final tax return. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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