Full Answer Section

The amount of damages that Mary could be liable for would depend on the specific circumstances of the case. For example, if Mary’s withdrawal causes the partnership to lose money, the other partners could sue her for the amount of the lost profits. Additionally, if Mary’s withdrawal makes it difficult or impossible for the partnership to continue operating, the other partners could sue her for the value of their partnership interests.

In addition to the potential for liability for damages, Mary may also be liable for liquidated damages under the partnership agreement. Liquidated damages are a specific sum of money that the parties to a contract agree to pay if one of them breaches the contract. If the partnership agreement contains a liquidated damages provision for withdrawing from the partnership before the 10-year period is up, Mary may be liable for paying the liquidated damages amount, even if the other partners did not suffer any actual damages.

If Mary is considering withdrawing from the Flatirons partnership before the 10-year period is up, she should consult with an attorney to discuss her options and to minimize her potential liability.

Here are some additional things to consider:

• If the partnership agreement does not allow for early withdrawal, Mary may need to obtain the consent of the other partners before withdrawing. If she cannot obtain their consent, she may need to file a lawsuit to dissolve the partnership.
• If Mary withdraws from the partnership early, she may be required to forfeit her interest in the partnership. This means that she would not be entitled to any share of the partnership’s assets or profits.
• Mary may also be liable for any debts or obligations of the partnership that incurred while she was a partner.

It is important to note that the law of partnership is complex and varies from state to state. Therefore, it is important to consult with an attorney to discuss the specific facts of your situation and to get legal advice on your options.