What steps do I need to take in Ohio to dissolve my business partnership with my co-owner?

To dissolve a business partnership with a co-owner in Ohio, you must follow the procedures outlined in Chapter 1776 of the Ohio Revised Code. The steps you need to take are as follows:

1. Review your partnership agreement: The first step is to review your partnership agreement to determine if there are any specific provisions regarding dissolution. If there are, you will need to follow those provisions.
2. Obtaining unanimous consent: If your partnership agreement does not have specific provisions on dissolution, you need to obtain unanimous consent from all partners to dissolve the partnership. It is important to get this consent in writing.
3. File articles of dissolution: Once you have obtained unanimous consent, you need to file articles of dissolution with the Ohio Secretary of State. The articles of dissolution should contain the reason for the dissolution, the effective date of dissolution, and the name and address of each partner.
4. Notify creditors: You also need to notify any creditors of the partnership about the dissolution. This notification provides them with an opportunity to file any claims against the partnership before the dissolution is complete.
5. File final tax returns: You must file final tax returns for the partnership with the Internal Revenue Service and the Ohio Department of Taxation.
6. Distribute partnership assets: Finally, you need to distribute the assets of the partnership to the partners. This distribution should be done in accordance with the partnership agreement or if there are no provisions on the agreement, the assets should be distributed equally among the partners.

It is important to note that there may be potential limitations or exceptions to the advice given. For example, if there are financial obligations or liabilities, they should be resolved before the partnership is dissolved. It is also essential to get legal counseling, especially when there are disagreements between partners or if the partnership agreement is not clear on the dissolution process.

In conclusion, dissolving a business partnership is a multi-step process that requires careful consideration of legal requirements and obligations. Consulting with an attorney is the best way to ensure that the dissolution process is carried out correctly and that all legal obligations are met.