Leaving a UK Partnership?

**VespertineStar** · 20-06-2009 15:13

Hi

I'm looking to leave my current business partnership because we are currently running it from a room at his house and he does not want to try to move into office space. To make things a bit easier financially for both of us I have proposed that I leave to start up a site doing the same thing but run it from a room at my house, with a view to moving into office space when I am earning enough. Our families are all good friends and I am trying to find a way to leave as amicably as possible to save any friction as that's the last thing I would need at such a time as starting another business. There's plenty of room in the market for both of us to play nicely and still make a decent living out of it.

We've been running it together for just over 3 years and I was just wondering, if I left, what would I be entitled to? Unfortunately there's no partnership agreement in place or anything like that. I don't particularly want half the stock or anything as it would be easier to start from scratch and I'm not trying to screw my current business partner over, which doing so would almost certainly result in. Am I entitled to half of the money in the business bank account that's not set aside for tax? If I left, would he have to buy out my half of the business or do I just leave?