Two things all businesses have in common
is that they come into existence and at some point go out again.
What began as a bright vision is eventually clouded by the death of an owner or partner or key manager, commercial failure, collection problems, disputes between shareholders, stakeholders, or partners, breaches of fiduciary duty, criminal fraud, or other cause.
Unless you are a sole proprietorship, you can’t dissolve a business by walking away. Corporations, limited liability companies, and professional partnerships must follow certain procedures before going out of business.
It is advisable to have a guiding hand overseeing the process so that all state and federal requirements are met, eliminating the need for further litigation. The lawyers at Lovelace Law, P.C. have the experience necessary to close your business doors with minimal downsides financially.
Effective Purchase Agreements And Dissolution Agreements
Before dissolving a corporation, it may be necessary to obtain consent from its shareholders. Arrangements must be made with the IRS and the Texas Comptroller of Public Accounts. A dissolution agreement must include a list of all creditors and information on all monies owed. Remaining assets should be distributed to shareholders. Articles of dissolution must be drawn up, and attached to the formal dissolution agreement.
An error or omission in ending the business risks the chaos of lawsuits and claims against assets.
Necessary Actions For Dissolving Partnerships
Very often, the demise of a business leads to litigation. When that happens, the lawyers at Lovelace Law, P.C. can provide effective, affordable assistance. We assist in litigation arising from the dissolution of family-run enterprises, partnerships, limited liability companies, S corporations, joint ventures and other commercial entities.
We are available to represent you in negotiations, in mediation, in arbitration and in the courtroom, to resolve disputes brought about by dissolution. We are also available, prior to dissolution, to counsel you on the best sequence to follow, from a legal standpoint, as you wind down. We can devise an exit plan that protects your company’s shareholders while resolving issues related to assets, debts, taxes and obligations to all your stakeholders.
Our business law attorneys assist business owners in the sale of a business, the dissolution of a partnership, or the turnover of the business to the next generation. We provide business succession planning to protect families from losing the business that has been an important part of their lives.
If you are contemplating a major purchase, sale or dissolution of a business, schedule a free consultation with the attorneys at Lovelace Law, P.C. Let us tell you about your options, and chart a strategy to get you where you want to be. Call us at 817-953-9656.
Business transactions. Business law. Business advocates.
Business owners need a lawyers to guide them through legal matters. Talk to a Lovelace Law, P.C. business attorney for help with documents, transactions, and disputes.