Millions of companies in the U.S. were started from an idea and a bit of a dream. These businesses typically began with two or more people sharing the same dream. Today, there are almost 30 million small businesses in the U.S., employing almost half (47.8%) of U.S. workers. In 2017, more new businesses were formed than in the past 4 years and women-owned businesses were at their highest level in 40 years. Colorado ranked number 1 in the nation for “Labor Supply”.
Even the most energetic and stable of business partnerships can hit a rocky road or an unforeseen issue can force a business to dissolve. It’s critical that businessowners close or dissolve the business in the proper way to avoid any future lawsuits or financial repercussions.
Dissolving a business can either be voluntary or involuntary. Whatever the reason, when a decision is made to dissolve, our Denver business attorneys can help ensure it’s done in compliance with the legal regulatory mandates.
There are a multitude of reasons why a business requires the partners to split and dissolve the company. Some of the voluntary reasons may be: the business had evolved over time, differences and disagreements may have arisen that can’t be resolved, perhaps a partner has decided to move, retire or may need to dissolve due to the onset of a serious illness. Some businesses decide to dissolve at the end of their lease or were hit hard during an economic crisis.
Involuntary dissolution may come in the form of a court decree, limited funds or failure to comply with certain statutory requirements. There may be matters concerning contracts, employees, suppliers and customers that need legal consideration.
Depending on the formation of the business there are procedures that must be adhered to and options such as: in an LCC, under the terms of an operating agreement one member may want to purchase the membership interests of another (buyout). Partners may want to consider undergoing a re-organization instead of dissolving.
Our experienced Denver business lawyers can properly structure the transaction and any supporting consequences (such as real estate lease agreements) for the partners. Our business attorneys also hold Master’s Degrees in Taxation to further ensure the best possible dissolution with minimal tax ramifications and can file your final tax returns.
If you’re thinking of dissolving a business, please call us for a consultation. We offer experienced and knowledgeable advice and work with you to for optimum legal strategies. Our business attorneys are dedicated providing effective results for you and your business. To schedule a consultation regarding your business issue, call 303-618-2122, or schedule online.
In addition to Business Law, Gantenbein Law Firm also practices Tax Law, Real Estate Law, Wills & Trusts, Estate Planning, Elder Law, Foreclosure Defense, HOA Defense, Credit Dispute and Credit Repair.
For more information, visit our website at www.gantenbeinlaw.com.