Ready to lock the doors and close your business? It’s as easy as hanging a “closed” sign on the door and moving on, right?
Depending on the type of corporate structure, operating agreements, assets, and liabilities of the company, there may be actions that need to be taken
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Are making the decision to dissolve the company and pro-actively file the Articles of Dissolution with the SC Secretary of State’s Office.
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An “involuntary dissolution” means that you did not follow the necessary steps for dissolving the company – the Secretary of State’s Office will then consider the company abandoned and will eventually “involuntarily terminate” your company.
In most cases, involuntary dissolution is not a good idea – a failure to formally wrap up business and dissolve a company could expose you to future liability and unexpected lawsuits.
For example, if you have a sole proprietorship you do not need permission and you can make the decision to dissolve the business. Depending on your circumstances, you may still want to consult your SC business attorney to ensure that business assets are disposed of with minimal tax liability and that you do not have any outstanding debt to be collected or creditors that may file suit.
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On the other hand, if your business is a corporation or limited liability company (LLC), you may be required to obtain written permission from the other owners, members, shareholders, or board of directors. In some cases, we may be able to administratively dissolve the corporation through the courts without written permission.
In most cases, dissolving your business is not as simple as filing Articles of Dissolution – there are many steps in the process to ensure that you are not breaching contracts, breaching fiduciary duties, exposing yourself to creditors or tax liability, or leaving money uncollected:
Your Myrtle Beach Business Dissolution Lawyer at Axelrod and Associates will help you to determine what steps are necessary to dissolve your business and what needs to be done to wind down operations before filing your Articles of Dissolution. Call today at 843-916-9300 or complete our contact form to set up an initial consultation to find out how we can help.Deciding to end a business, whether large or small, is a big decision that should not be made without proper legal counsel. There are a wide variety of legal requirements that must be met to formally end a business partnership, including receivingpermission from a board of directors, shareholders, or any other business partners who have stock in the company.
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You will also need to take into consideration any tax liabilities, business contracts on property leases, and any debts you may owe to creditors as a result of being in business. While you can simply stop renewing your business registration in order for the state of Illinois to legally dissolve your business, a knowledgeable business law attorney should be consulted to ensure that you properly address the various legal issues involved and avoid business disputes or other issues that could affect you in the future.
The law firm of Stock, Carlson & Asso. LLC is committed to helping business partnerships transition out of contractual agreements as smoothly as possible. Our business law attorneys can guide you through the process of dissolving your business while helping you successfully obtain the closure you need to move forward.
When it comes to the dissolution of a business, there are a variety of factors that can determine how effective the outcome will be and what kind of compensation you will receive based on:
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Our attorneys understand that multiple types of complications and disputes can arise when choosing to dissolve a business. You will want to ensure that you are protected and that you receive the proper compensation for the time and effort you have put into building and growing the business. We can help you figure out how much your share of the business is worth and negotiate a buyout amount, and we can help you address any concerns that may arise if your partners choose to keep the business running after you decide to leave, such as covenants not to compete that would restrict your ability to work for a competitor.
If disputes arise between you and your former partners, litigation may be necessary to resolve these issues. Our attorneys are skilled negotiators and litigators who are also familiar with using alternative dispute resolution to settle business disputes. We can work with you to reach an acceptable settlement out of court, and if necessary, we will provide you with representation inside the courtroom as you resolve these matters.
Understanding your rights and protecting them is the first step to resolving any disputes that may occur during the dissolution of a business. Our attorneys are experienced litigators who can effectively represent you in court for all your business needs. Contact our Wheaton law firm of Stock, Carlson & Asso. LLC today by calling 630-665-2500 to arrange a consultation.Roughly 42% of marriages end in divorce, thus business owners and those starting a business should be aware of the importance of understanding how the dissolution of a marriage could impact them. In these circumstances, it is critical to obtain assistance from an experienced divorce attorney.
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At Ariano Hardy Ritt Nyuli Richmond Lytle Goettel P.C., our committed attorneys strive to ensure our clients are awarded the property and business assets they are entitled to.
The Illinois Marriage and Dissolution of Marriage Act (IMDMA) is the statute that governs the division of property in a divorce. The income and assets that are accrued by spouses during the marriage are generally considered to be marital property, while assets that are brought into the marriage are generally considered to be non-marital. Some assets have both marital and non-marital aspects; for example, if one spouse has started a retirement plan prior to the marriage, but continued to contribute to it during the marriage
Divorces in which a spouse (or both of them) has an interest in a business can be difficult when it comes to dividing assets. Most attorneys in family law will advise that a business be awarded to one spouse; offsetting assets can be awarded to the other spouse to compensate. One proactive measure is to draft an agreement that clearly outlines the process of buying out someone (who could be one or both spouses) with an ownership interest in the business. These agreements may establish a valuation standard, which can make determining the value of the business much easier in divorces without premarital agreements.
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Divorces where a family-owned or spousal-owned businesses exist increase the likelihood for dispute, complexity and can have drastic effects on the future of the parties. Fortunately, the legal team at AHR has effectively obtained positive outcomes in these matters. For a consultation, please call us at 847-695-2400, or contact us online. We serve clients in St. Charles, Huntley, and throughout Illinois.
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