Partners A and B entered into partnership agreement. Partner A contributed all assets and partner B bought in with a promisary note to A. 2 years later and B has defaulted on note. A just wants to take the company back and forget about the note. B has very little inside basis left (left than $2000). What would you suggest would be the best way to handle this?
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Lawyer up and get it in writing, whatever they decide to do."A man that holds a cat by the tail learns something he can learn no other way." - Mark Twain -
They already met with the lawyer and he pretty much told them to just walk their seperate ways. I was more concerned about how to hadle this on the returns.Comment
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