This is a memorandum setting out the policy and procedure when a partner withdraws from a law firm. Topics covered include: Informing the firm, informing clients, confidentiality, obligations to the firm regarding time entries and billing, office and personal property, personal account with the firm, and benefits.
Utah Developing a Policy Anticipating the Voluntary Withdrawal of Partners
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US-L06031E
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FAQ
A General Partnership is composed of two or more persons who agree to contribute money, labor, and/or skill to a business. Each partner shares the profits, losses, and management of the business, and each partner is personally and equally liable for debts of the partnership.
48-1d-202 Formation of partnership. (1) Except as otherwise provided in Subsection (2), the association of two or more persons to carry on as co-owners a business for profit forms a partnership, whether or not the persons intend to form a partnership.
You can dissolve a Domestic Limited Liability Company in Utah by completing the Statement of Dissolution of Limited Liability Company form and delivering it to the Division of Corporations & Commercial Code by mail, fax or in person. If faxing the statement, include the Fax Cover Letter.
How do I register a Limited Liability Partnership? You may register a Limited Liability Partnership online or with our office in person, by mail, or fax. The online process is quick and easy and the business entity will be registered within 24 hours.
What is a Limited Liability Partnership? Partnerships are one of the most commonly used types of business entities. Unlike the partners in a general partnership, in a Utah limited liability partnership (LLP), the general partners manage the business and share completely in both its profits and its losses.
Partners may withdraw by selling their equity in the business, through retirement, or upon death.