Dissolving a Colorado Business
Dissolving your business can be a painful, but necessary, process. Our Denver Business attorney is here to make sure you properly dissolve and windup your business, in order to protect you from any financial or tax liabilities. Contact us at 303-618-2122.
When dissolving any type of business in Colorado, there are essential legal steps necessary to protect yourself. If the dissolution is not managed properly and thoroughly, disastrous results for all concerned can occur. Closing or dissolving a business must be done effectively and efficiently in order to avoid significant liabilities including obligation to pay taxes, accrued interest and penalties.
We provide personal, client-focused services tailored to particular needs and circumstances when dissolving any business, including:
• Protection from liability from creditors*
• Ensure compliance with all requirements (i.e., annual reports, voting clauses, etc.)
• Cease financial obligations to pay annual business fees and business taxes
• Secure lowest tax liability
• Assess creditor claims for settlement
• Sell and settle assets
• Asset distribution
• Ensure proper notices to clients, creditors when applicable
• Allow proper division of stocks and other properties
• Negotiate separation of owners/ownership
• Review company financial records, advising owners on financial aspects of any agreement
• Alert client to any fiduciary duties
• Determine ownership of trademarks, copyrighted materials, web sites
• Division of tangible assets
• Establish wind-down procedures
• Settle real estate issues including leases and buyouts
• Resolve confidentiality provisions, contracts, disputes and disagreements
• Settle and assess claims for less than owed
• Advise on any other business or personal liability
*varies by state. Our attorney will advise you of your creditor liability in Colorado, and will also advise of your creditor liability in other states which your business may be additionally licensed or operating. It is important to take steps to protect yourself in each state which your business may be operating.
You must take specific steps to make sure you have dissolved your business properly. If you do not do so, you will not be protected from liability and will have a continuing obligation to pay taxes, plus possible interest and penalities. The steps necessary to dissolve your business vary depending on the corporate structure of your business and operating agreements of your business.
A business attorney can help you get out of a business, regardless of your operating agreement. In Colorado, there are provisions under State law that allow for the dissolution of a business regardless of your operating agreement, provided you meet State law requirements. This can be helpful for many business owners.
After the proper dissolution of your business, you must take steps to effectively wind up your business affairs. This is an important and necessary step many people do not take.
Our Denver business attorney is also a premier tax attorney in Colorado. His exceptional combination of business law and tax experience ensures our business clients are fully protected from any tax liability under State and Federal law - now or in the future.
Further, Gantenbein Law Firm's business attorney will assess any creditor claims to your business and advise you of your best options for settlement- including settling claims for less than what is owned. There may be times when there is no liability for creditor claims, and our business attorney will assess when that is your best option.
Our expert and unique experience at Gantenbein Law Firm gives us insight into successfully negotiating resolutions and anticipate future challenges before they become significant.