even if there is no compensation offered, you will need to document the withdrawal of a partner or an owner of your company; otherwise there will be no record of the partner or owner actually leaving the business and you can be exposed to claims that it never happened, which as outlined below, can only have negative consequences. it is important here to remember that withdrawing from an ownership position is different than withdrawing as an officer, manager, or employee of the business. if you are the member/shareholder/partner withdrawing, you want to make certain that you are not responsible for any liabilities of the business from the withdrawal date forward. if you are continuing the business, you will want to make sure to remove the withdrawing owner/partner from all accounts, any officer positions, or other official positions within the business, as well as terminate their ability to make decisions or take any action on behalf of the business from the withdrawal date forward.