{"id":214669,"date":"2022-03-23T15:44:36","date_gmt":"2022-03-23T02:44:36","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=214669"},"modified":"2022-03-28T19:59:48","modified_gmt":"2022-03-28T06:59:48","slug":"leave-business-partnership","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/business-structures\/leave-business-partnership\/","title":{"rendered":"How Do I Leave a Business Partnership in New Zealand?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">If a <a href=\"https:\/\/legalvision.co.nz\/business-structures\/operating-partnership-business-in-new-zealand\/\">business partnership<\/a> is like a marriage, the end of a business partnership can often look like a divorce. However, it is still possible to maintain civility even in a challenging situation. There are several reasons why you may want to leave a business partnership. For example, you may want a career change, to retire, seek a new business venture, or experience challenges working with your current business partners. No matter the reason, there are some steps you can take to ensure that you maintain your business relationship and make a smooth exit from the partnership.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This article will explain what a business partnership is and outline what to consider when leaving a business partnership. This includes;<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">looking at your partnership agreement;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">filing your taxes;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">considering what to do with your assets;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">thinking about the level of involvement you wish to maintain with the business; and<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">maintaining good standards of behaviour with your ex-partners.\u00a0<\/span><\/li>\n<\/ul>\n<h2>What is a Business Partnership?<\/h2>\n<p><span data-preserver-spaces=\"true\">In a business partnership, you share your business&#8217;s ownership, control, profits, and losses with one or more people. Business partners commonly have an equal share in the business unless this has been set out differently in the partnership agreement.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">What Should I Consider When Leaving a Business Partnership?<\/span><\/h2>\n<h3><span data-preserver-spaces=\"true\">Partnership Agreement<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">The first thing to do is look at the details of your partnership agreement. This should outline what steps should be taken when a partner wishes to leave the partnership. Ensure that this agreement is adhered to, or you risk further legal action. Adhering to this process will also allow for better preparedness of the remaining partners in the business, as they will have a clear understanding of the process. This is likely to keep the relationship between partners friendly. <\/span><\/p>\n<div class=\"box box--icon box--idea\">\n<p><span data-preserver-spaces=\"true\">If you did not write a formal partnership agreement, it is good to bring in a third party or a neutral person to help you and your fellow business owners set out a plan to leave the partnership.\u00a0<\/span><\/p>\n<\/div>\n<h3>File Your Taxes\u00a0<\/h3>\n<p><span data-preserver-spaces=\"true\">You will need to file a final <a href=\"https:\/\/legalvision.co.nz\/corporations\/income-tax\/\">income tax return<\/a> as a member of the partnership. If the partnership is making a loss, you will need to declare that in your partnership. Additionally, if the partnership is still making a profit, you must also declare this in your tax return.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Assets<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">You will need to split or sell your share in any communal business assets that you share with your partner that you do not wish to take with you from your partnership. If you wish to keep any assets that belong to the partnership, you will need to chat with your fellow partners to see if they will let you buy the asset from the partnership. This includes any intellectual property you may have. <a href=\"https:\/\/legalvision.co.nz\/intellectual-property\/5-ip-assets\/\">Intellectual property<\/a> can sometimes be tricky to keep. It will depend on your circumstances and specific details of where and when you created the property and the existence of any copyrights as to whether you can keep this property.\u00a0<\/span><\/p>\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/12\/22115855\/cytonn-photography-GJao3ZTX9gU-unsplash-e1640129621597.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">Commercial Contracts Checklist<\/div>\n            <div class=\"body-text\">\n                <p>To protect your business, ensure supplier contracts meet your business\u2019 needs. Our free Commercial Contracts Checklist will help.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/Commercial_Contracts_Guide_NZ.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n<h3><span data-preserver-spaces=\"true\">Level of Involvement\u00a0<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">If you still wish to have some involvement with your business, you have some options available to you. Of course, this will depend on your relationship with your other business partners, but if you remain friendly, it is quite possible to maintain a minor role. <\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span data-preserver-spaces=\"true\">For example, you could retain some shares in your partnership, which would allow you to keep some income from your business. Additionally, you could maintain a directorship or consulting role to stay involved with the business operations.\u00a0<\/span><\/p>\n<\/div>\n<h3><span data-preserver-spaces=\"true\">Be Friendly and Considerate<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Whether or not your exit from the partnership was expected, or your relationship with your ex-partners remains friendly, it is still a good idea to continue to act professionally and appropriately when ironing out the details of your exit from the partnership. Even if you left on excellent terms, it will likely still be stressful for your partners to find a new partner or re-allocate the workload of the business. <\/span><\/p>\n<div class=\"box box--icon box--idea\">\n<p><span data-preserver-spaces=\"true\">M<\/span><span data-preserver-spaces=\"true\">aintaining a professional manner when dealing with the split will also protect your reputation with individuals and businesses with who you may want to work in the future.\u00a0<\/span><\/p>\n<\/div>\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n               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Despite best intentions, feelings can sometimes get hurt, and people can be overwhelmed by changes in their professional lives. Therefore, if you are deciding to leave a business partnership, it is essential to:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">follow the process for exit set out in your partnership agreement, or bring in a professional to create an exit strategy;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">file your taxes;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">make a plan of what to do with your shared assets;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">think about the level of involvement you wish to maintain with the business; and<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">maintain professional standards of behaviour.\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">If you need help with leaving a business partnership, our\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/legalvision.co.nz\/business-lawyers-lp-new-zealand\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">experienced business lawyers<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/legalvision.co.nz\/membership\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">membership page<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<h2>Frequently Asked Questions<\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1647998154073\"><h3 class=\"schema-faq-question\">Can I leave a business partnership at any point?\u00a0<\/h3> <p class=\"schema-faq-answer\">Yes, you can leave a business partnership whenever you choose, so long as it is not a breach of the terms of your partnership agreement. However, try to avoid leaving anyone in the lurch, as this can negatively impact your professional relationships.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1647998177538\"><h3 class=\"schema-faq-question\">Will I lose all property that I have invested in the business?\u00a0<\/h3> <p class=\"schema-faq-answer\">Your partnership agreement should outline the division of property and assets between partners. If you wish to contest something, you should chat with your ex-partners and see if there is an opportunity to buy some property from the business.\u00a0<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>If a business partnership is like a marriage, the end of a business partnership can often look like a divorce. However, it is still possible to maintain civility even in a challenging situation. There are several reasons why you may want to leave a business partnership. For example, you may want a career change, to<a href=\"https:\/\/legalvision.co.nz\/business-structures\/leave-business-partnership\/\">Continue reading <span class=\"sr-only\">&#8220;How Do I Leave a Business Partnership in New Zealand?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13318,"featured_media":213079,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"205548,207684,213373,203255,214401,961","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[4],"tags":[111,712,1278,1421],"class_list":["post-214669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-structures","tag-partnership-agreement","tag-business-partner","tag-business-partnership","tag-leave-business-partnership"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Do I Leave a Business Partnership in New Zealand? | LegalVision NZ<\/title>\n<meta name=\"description\" content=\"Are you wondering how to leave a business partnership? 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