Business Dissolution Attorneys
No matter why you need to dissolve your business, the business law attorneys at Lerner & Weiss can help. We know how to take the necessary steps to closing your business in the least painful way possible whether your business is a sole proprietorship, partnership or type of corporation. For tax purposes and in order to avoid future litigation, it is important to follow the proper dissolution procedures.
Reasons Businesses Dissolve
There are a multitude of reasons why a business may be dissolved. The business owners may be retiring. One partner may want to sell his or her business interest to the other partner or partners. Sometimes, there is a dispute between partners that cannot be resolved. Maybe the company is losing money and none of the partners or corporate officers want it to continue. Whatever the reason, there are legal challenges to properly dissolving a business.
Consequences of Improper Dissolution Procedures
Each state has its own dissolution laws which vary depending on the type of business structure that is involved. Documents may need to be filed with the Secretary of State. Once a business has been dissolved, it no longer has a legal right to exist in the state. If not done properly, there may be consequences such as:
- Losing equity or income
- Loss of assets
- Accumulation of debt
- Adverse tax problems
- Future costly litigation
At Lerner & Weiss, we do everything possible to minimize losses that may occur as a result of the dissolution.
How Lerner & Weiss Can Help
We listen to your needs and why you are dissolving the business. We determine your goals and desires and what you want to achieve by dissolving the business. After careful evaluation of all the facts, we provide counsel on and assistance with:
- Valuing the assets and liabilities of the business.
- Evaluating all legal documents relevant to the business structure and daily operations to be certain that all agreed upon terms are implemented and the dissolution complies with the original business intent. If a partnership agreement covers the way in which a business partnership is to be dissolved, we make sure that the terms of the agreement are followed.
- Assisting the parties in coming to amicable agreements when disputes arise during the dissolution process.
- Working towards a fair and equitable division of business assets and liabilities.
- Making certain all parties are protected from future litigation arising from improper dissolution procedures, or from failing to continue insurance coverage for future liabilities that arise based on the time the business was up and running.
- Selling inventory and filing any necessary sales reports.
- Reviewing all contracts with other business entities to be certain there are no contract terms that will be breached.
- Providing required notification and documentation to both local and state agencies.
- Settling tax issues and obligations.
- Assisting with any commercial collections.
- Making sure proper termination procedures for employees are followed.
- Minimizing disruption of customer or client relationships if a new business venture is planned.
If you are considering dissolving your business, now is the time to contact our business dissolution lawyers at Lerner & Weiss. It is worth your time and effort and we will work diligently to be sure you achieve the best possible outcome from the dissolution of your business entity.