Documenting Partner or Member Dissociations

Business counselors are frequently asked to get involved in documenting the dissociation of a partner or member from a partnership or an LLC.  Dissociation is the formal legalistic term for a parting of the ways among the ownership group of a partnership or LLC and includes both voluntary and involuntary terminations of the interest of the dissociated partner or member.  Business counselors must carefully advise the parties about the various structures that can be used to complete the dissociation and since termination of the relationship raises thorny issues regarding valuation and post-termination activities it is recommended that everyone involved be given an opportunity to seek their own independent counsel before actually signing the documentation relating to the termination.   To learn more about being an effective counselor at a difficult time, see my recent post on documenting partner or member dissociations at the Legal Solutions Blog.




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