Untangling Your Business: Business Dissolution Attorneys
Businesses do not always last forever. In the life of every business, there may come a time when closing its doors is the best path forward. When you need a trusted advocate for business dissolution counsel, Kirwan Law is here for you.
Based in Syracuse, we serve business clients throughout upstate New York with dedication and integrity. We build long-lasting relationships with our business clients. With extensive experience, our team, led by attorney Terry Kirwan, can guide you through the complexities of dissolution. Our mission is to provide strong advocacy in business law and civil litigation.
When Is Business Dissolution The Right Solution?
Dissolution stops business operations, essentially ending a business’s existence. Deciding to dissolve a business is never easy. However, it can be the right choice under certain circumstances. Many causes exist for dissolving a business. It may be time to consider business dissolution for the following reasons:
- Financial struggles: The business is not profitable. It cannot pay its debts.
- Owner retirement: The owner wants to retire. No one is available to take over.
- Partnership disputes: Partners disagree on how to run the business. They cannot resolve their issues, and a shareholder dispute may exist.
- Breach of contract: One party did not fulfill their part of an agreement.
- Changing market conditions: The business can no longer compete.
- LLC dissolution process: Members of a limited liability company want to end the business.
- Corporate dissolution: Shareholders of a corporation want to end the business.
- Forced dissolution: A court orders the business to dissolve.
Each situation is unique and requires careful cost-benefit analysis. We are here to help you assess whether dissolution is the right path.
The Steps Involved In Business Dissolution
Dissolving a business involves several steps designed to meet all of a company’s legal and financial obligations. The process can be complex. An overview of the process is as follows:
- Review governing documents: Examine what your operating agreement, corporate bylaws or partnership agreement says about dissolution.
- Vote: Obtain approval from the majority shareholder or partners.
- File articles of dissolution: Submit paperwork to the state to officially begin the dissolution process.
- Notify creditors and settle claims: Inform creditors of your intent to dissolve and address any outstanding claims.
- Liquidate assets: Sell business assets and distribute the proceeds.
- Address tax obligations: Meet all tax obligations, including filing final tax returns.
- Distribute remaining assets: After settling debts, distribute remaining assets.
- Obtain a dissolution certificate: Get a dissolution certificate to finalize the process.
Dissolving a business of any kind requires careful planning. You must follow all legal requirements. Failure to do so can result in penalties and lead to legal challenges.
How Our Syracuse Lawyers Can Help With Business Dissolution
We pride ourselves on building close relationships with our business law clients. We understand the intricacies of business dissolution, whether it involves a corporate dissolution or a partnership dissolution. Our business dissolution attorneys provide personalized guidance tailored to your specific needs. We help you navigate shareholder disputes, fiduciary duties, and judicial or nonjudicial dissolution.
We can assist with:
- Reviewing partnership agreements, operating agreements and corporate bylaws
- Advising on fiduciary duty
- Negotiating with creditors
- Handling creditor claims
- Resolving shareholder disputes
- Addressing concerns of a majority shareholder or minority shareholder
- Ensuring compliance with all legal requirements
- Business valuation
Terry Kirwan has more than 30 years of experience as a trial lawyer and commercial law attorney. With his support and our team, you can explore your legal options for business closure.