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Scott Edward Walker is the founder and CEO of Walker Corporate Law Group, PLLC, a law firm specializing in the representation of entrepreneurs.

Disclaimer: This “Ask the Attorney” post discusses general legal issues, but it does not constitute legal advice in any respect.

If the original partnership agreement doesn't outline the terms of liquidation, a Liquidation Agreement may help to prevent disputes about the partners' entitlements and responsibilities.

Other names for this document: Partnership Dissolution Agreement A Liquidation Agreement is an agreement between two or more partners to end a business partnership.

"Winding up" is the process of paying off all debts of the business, distributing the remaining assets among the partners, and terminating the partnership's legal existence.Submit it in the comments below or email Scott directly.It could end up in an upcoming “Ask the Attorney” column.A reader asks:: I’m the co-founder and CEO of an e-commerce startup, and I’ve been meeting with different VC firms regarding an initial round of funding.I’ve started doing some reading on term sheets and the issues we will need to address and I’m a little confused with some of the VC terminology.

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