Whenever you’re facing the end of your business, you’ll likely need a business dissolution attorney. Law Mart provides you and your business with an experienced business dissolution attorney when legal entities terminate. Whether a friendly voluntary termination or an adversarial dispute, our business lawyers have protected many business owners properly from dissolving their company.
Like marital dissolution, businesses from time to time end up dissolving or in a confrontational divorce. Unlike a marital dissolution, you usually don’t need a judge to order the termination of your business unless you and your business associates end up disputing over assets or control of the business.
The corporations, LLCs, and partnerships must follow California laws to dissolve. For this reason, it is imperative to hire business dissolution attorneys experienced and skilled with handling all aspects of business divorces and partnership dissolutions. You need a business lawyer advocating your interests and protecting you from a business fallout.
Any business may face dissolving for various purposes. Some can’t pay their debts and file for bankruptcy. Others dissolve because associates or partners dispute resulting in a court order terminating the legal entity.
But, most legal institutions voluntarily dissolve. Here are some examples of a voluntary business dissolution:
Corporation Dissolution. Shareholders and/or directors decide to dissolve the corporation. Generally this is by a majority vote of the shareholders depending on what the Articles of Incorporation state and the Bylaws.
Partnership Dissolution. Where one or more partners determine to dissolve the partnership.
LLC Dissolution. Your lawyer will view the Articles of Organization and the Operating Agreement which should contain provisions about how to dissolve the LLC. Usually, they require a majority vote by the LLC members on a resolution to dissolve.
A business dissolution or a partnership dissolution may become adversarial as parties seek to enhance their position at the expense of others. Complex issues often arise in business separations
If the LLC members vote without oppositions to dissolve, we file a Certificate of Cancellation with the California Secretary of State. Or else, we file a more formal Certificate of Dissolution with the Secretary of State.
At Law Mart our experienced business attorneys represent clients involving very complex issues surfacing during business divorce and partnership dissolutions like:
Three (3) types of filings occur to stop business operations in California depending on the legal entity:
Cancellation – LLCs and partnerships (both domestic and foreign) file forms to cancel their registration with the Secretary of State.
Dissolve – Domestic corporations (originally incorporated in California) file for dissolution with the Secretary of State.
Surrender – Foreign corporations (originally incorporated outside of California) file documents to surrender their registration with the Secretary of State.
As you understand, the type of legal entity determines whether to cancel, dissolve, or surrender registration in California. Canceling or dissolving legal entities to stop operating in California also raises legal concerns. Like adverse tax consequences or loss of equity, profits, and assets. Also, the assumption of existing debts forced on one partner or member more than others.
Law Mart understands that a business termination raises financial and personal risks for our clients. That’s why during your Consultation we will listen to you and later offer honest counsel about the legal issues such as:
Attempt to maintain good relations with current clients and customers to retain goodwill so our clients keep the doors open for future business relationships.
The faster you speak to a Business Litigation Attorney the better. Waiting too long to file business cases can complicate your case. Make it easy on yourself. Call us to talk with an experienced business lawyer right away. Your call is confidential, and you’re FREE CONSULTATION with one of our business litigation attorneys at (310) 894-6440.
If you are in need of a business litigation attorney to help you get appropriate compensation and medical care you deserve, you should contact an attorney today. Our experienced business litigation attorney will help you find the solutions you need for your legal issues.
If you have any questions about the information provided above, please contact Law Mart at (310) 894-6440. Law Mart is a Lawyer Referral that can provide you with a Business Litigation Attorney.
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