Can One Partner in a Partnership File for Bankruptcy?

Answer Bankruptcy and a business partnership can be an awkward mix. One partner may be able to file bankruptcy even if the rest of the partnership opposes him. A partner's individual bankruptcy could also... Read More »

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Can a partnership file for chapter 13 bankruptcy?

According to U.S. bankruptcy code, only individuals qualify for a chapter 13 bankruptcy. The alternative for a partnership or corporation is a chapter 11 bankruptcy, which is a reorganization plan ... Read More »

How to Redeem a Partner From a Partnership?

A Partnership refers to a business organization that is formed by two or more persons with an aim of making profits. However, these members have an unlimited liability. In case of losses, all the m... Read More »

How to Change a Sole Proprietorship to a Partnership When One Partner Is in a Different State?

A sole proprietor must be a resident of the state where he runs his business because the business is an extension of himself and he is the only owner. Partners do not need to reside in the same sta... Read More »

Partnership Property & Bankruptcy?

When a partnership faces insolvency, three important issues arise -- what happens to partnership assets when a single partner files for bankruptcy, what happens to partnership assets when the entir... Read More »