CA Ltd. Partnership, close it down or file Bankruptcy??

[tflorek]

We have a family Ltd partnership. We run a retail business under the Ltd partnership. We are going to close the business due to a repressive landlord with mad cow disease. There are no personal guarantors on the commercial lease. Can we simply close the partnership or do we bankrupt the partnership before or after a lawsuit for the rent, (which we will not continue paying after we close the store) is filed??

 

[azatty]

My name is on a state Supreme Court landmark case dealing with limited partnerships and the Uniform Fraudulent Transfers Act, both of which will be cited by the landlord when you personally get sued, so take my advice: consult with a local bankruptcy attorney. Your issue is too complex to address in a meaningful fashion on this forum.

(After you talk with your attorney, you'll know why I mentioned the UFTA)