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Dissolution of a Business

For any number of reasons the decision may be made for a business to be dissolved. Sometimes this is voluntary and sometimes this is against great effort to avoid this outcome. It can be due to financial hardship when the success of the business has not always matched its expenses. It may also be an individual that is retiring because they are ready to move onto something new. Under state laws, dissolution can also take place if a principal or partner was involved in conduct that could prove damaging to the company. When partners want to go their own separate way, dissolution may be the right option. Just as starting and maintaining a business is a conquest, dissolving it can be challenging as well. It is best to turn this task over to a Los Angeles business lawyer that will be able to recognize all aspects of the company and take them into account when developing a plan.

While the company may be going out to of business, there are still finances and other factors on the line that need to be properly addressed. A business can be dissolved legally which will include a number of steps. Debts will need to be paid off so that the business does not end with owed expenses. Property and assets will also need to be sold and these can be used to pay towards the debts of the business. Cash will then be divided out to the shareholders in the company. Depending on the details of the situation and the reason for dissolution, these cases can vary in their difficulty. Just about any matter can benefit from the inclusion of an attorney and our firm handles these cases with excellence. Whether you and your partner no longer want to be in business together or you are going out of business, set up a consultation with our firm to get started on the dissolution process.

Categories: Business Law

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