Business Succession Lawyer Folsom, CA
A Business Succession Lawyer Folsom, CA Professionals Turn to for Guidance Explains the Process of Dissolving a Partnership
Even before you enter into a business partnership, you might be wondering how to dissolve it if you wish to do so at some point in the future. If you are in an existing business partnership and wish to dissolve it, you may be best served by hiring a business succession lawyer in Folsom, CA from Yee Law Group.
There are many reasons for why business owners may wish to terminate their partnership. Regardless of the circumstances for why you may wish to move forward with this process, our business succession lawyer in Folsom, CA can assist you from start to finish. Call us for a free consultation to learn more about how a business succession lawyer can be of service to you.
Common Reasons for Terminating a Business Partnership
As mentioned, there are many reasons for why you may wish to terminate your business partnership. Some scenarios are more common than others. Your circumstances might fall into one of the below, but whatever they are, be sure to contact our business succession lawyer in Folsom, CA to make sure it is done correctly:
- The business partnership is not working out between you and your partner.
- Your business partner passed away and you wish to formally, and in a legally recognized way, terminate the partnership.
- Your business partner or you are no longer interested in being involved in the company.
- You or your business partner wish to retire.
Review Your Partnership Agreement
If you and your business partner drew up an agreement prior to entering into the partnership, it’s important to review it prior to starting the process for ending that partnership. Your business succession lawyer in Folsom, CA will need a copy of that agreement. If it includes a dissolution strategy, you may be legally obligated to follow it. Your business succession lawyer from Yee Law Group can make sure that you are not in violation, and your legal options should you decide to challenge any part of the agreement, including the dissolution strategy. He can also advise you as to whether or not selling your share of the business, or buying out your partner might be preferable to dissolving the partnership.
The Legalities of Dissolving a Business Partnership
Laws vary by state when it comes to taking certain required steps when dissolving a business partnership. Your business succession lawyer in Folsom, CA from Yee Law Group can guide you through the process to make sure that everything is done quickly and to the full extent necessary. This can save money, confusion, and legal issues down the road. As part of the dissolution, there will likely be a specification within the dissolution papers that states that once completed, neither partner can enter into any binding transaction on behalf of the partnership now dissolved.
Tip: Be Sure to Notify Everyone Connected to Your Partnership About the Dissolution
If you decide to dissolve the partnership but continue the business, make this clear to your customers, though this does not have to be a doom and gloom message. In fact, it can be an opportunity to portray the new business arrangement in a good light. Also be sure to notify suppliers, contractors, and any others who hire your products or services or whom you hire or contract with in any capacity. If there are business licenses, permits, or other such legal agreements that need to be updated because of the new partnership arrangement, be sure to take care of that. Our business succession lawyer in Folsom, CA can assist you with this process.
If you would like to learn how Yee Law Group can help you dissolve your business partnership, contact us today to speak with our business succession lawyer Folsom, CA companies have trusted for years.