If you thought starting a business was difficult, try ending one. There are a many reasons a business partnership might end and just as many ways to do it, but before you close the doors for good, there are some important proceedings you need to understand to avoid unintentional fraud, tax evasion or other tricky legal situations. In general, any time a business partnership ends, or divorces, it can be grouped into one of two categories: real or technical termination. Once you see which fits your circumstances, you can make an appropriate plan and move on to the next phase of your life.
In a real termination, no aspect of the business will remain. Every branch of the business will completely close and not simply change ownership. In order to completely dissolve a partnership, a handful of steps need to be taken: