We’ll seek a positive outcome if you must dissolve or break up your business.
CORPORATE DIVORCE LAWYERS & BUSINESS ATTORNEYS On Long Island
Corporate divorce may sound like an odd term but it is often used to describe the dissolution of partnerships, corporations or family held businesses. There are a host of reasons why a decision to dissolve a business may occur and often, shareholders, partners or other family members may not agree with that decision. This often results in anger, frustration and almost always, in a contentious process that causes formerly good friends, partners or family members to turn on each other.
UNDERSTANDING THE DISSOLUTION PROCESS
While it may seem closing the doors and refusing calls is the best way to halt a business, this is far from a method that is considered acceptable. When more than one person owns a business, a majority of the stakeholders must agree to the dissolution. The Long Island law firm of Solomon Richman P.C. can help you through the entire legal process while protecting your rights and interests regardless of what type of business entity you may be dissolving.
NOTIFICATIONS TO BE MADE
Once the decision has been made to dissolve a business, there are numerous notifications that must be made. In addition to ensuring all business stakeholders are notified and have the opportunity to voice their opinions, suppliers, customers, the State of New York, the IRS and employees must also be notified. Business formation will play a significant role in how much say others have in how dissolution is handled. Sole proprietorships require only the business owner to make a decision, while partnerships, C Corporations and LLCs require majority approval.
YOU NEED AN ADVOCATE ON YOUR SIDE
When a business is dissolving there are often numerous issues which must be dealt with. In some cases, business assets must be sold or divided among the stakeholders of the business. In addition, final bills must be paid, tax returns filed and outstanding lawsuits settled. But when the decision is not accepted by all of a business’s owners, this process can become quite contentious. This is why you need the business law team at Solomon Richman P.C. to guide you through the process.
We will work with you to ensure that your interests are protected and that the process of dissolving your business will go as smoothly as possible. We know you do not take such decisions lightly, and we also understand the numerous issues which must be dealt with since we have numerous others through this process.
Contact the business law team at Solomon Richman P.C. today if you are considering dissolving your business. We will review your current status and work with you to help you negotiate terms with all stakeholders while keeping the process as simple as possible.