There are many reasons why a company chooses to close its doors. In some cases, a company simply runs its course and business owners lose interest. In other situations, entrepreneurs move on to new opportunities or find their businesses are not as profitable as they had hoped.
No matter why you’re closing your company’s doors, it’s important to consult with a business dissolution attorney in Berks County or your area before you start the process. Many entrepreneurs are surprised to find closing a business can be even more involved than opening a new company, requiring:
- Partnerships to dissolve
- Shareholders to inform
- Final debts to pay
- Creditors to inform
The situation can become even more involved if not everyone agrees to the closing of a business or if there are outstanding financial or legal matters to resolve. In fact, the process of dissolving a business — especially a partnership or limited liability partnership — is so involved some entrepreneurs call the process “business divorce.” To protect your interests and assets and get you through the process smoothly, consult with a business dissolution attorney in Reading, PA or your area.
How a Business Dissolution Attorney in Reading, PA, Can Help
There are many steps in the business dissolution process, and a business dissolution attorney can assist with every step by doing the following.
1) Review Your Contracts to Find Any Clauses About Dissolution
If no such information was included in the agreements, an attorney may be able to help you draw up a contract to facilitate the process.
2) Advise You About the Dissolution of Your Business
The dissolution can look very different depending on why the dissolution is taking place. Whether you’re being forced to close by a court order or considering the sale of a business, an attorney in Berks County can go over the options with you and help you find the right plan of action.
3) Help With the Dissolution Process
The process will depend on why you’re closing your business and what type of business you have. You’ll need to start dissolution — usually by calling for a shareholder vote or filing for bankruptcy — and then file the certificate of dissolution with Pennsylvania if your company is incorporated. You will also need to file all appropriate tax documents and notify your creditors. You must meet all your creditor obligations before you distribute any assets among the business’s owners.
4) Help With Any Disputes That Arise
Whether you’re closing your doors because of low profits or negotiating a sale of a business, an attorney in Reading, PA or your area can deal with the inevitable disagreements that arise. There may be:
- Contract Disputes
- Disagreements over price or assets
- Other arguments
During a dissolution or sale of a business, an attorney in Reading, PA, or your community can review your rights and negotiate so the business dissolution is as fair to you and as amicable as possible.
If you’re considering moving on from your current business, contact the Business Attorneys at The Miller Law Group. Our attorneys have decades of experience and take the time and care to get to know each client individually. In fact, we treat each case with the same care and dedication we’d exert on our own behalf. It’s our way of treating clients like family. Contact Miller Law Group for a confidential consultation to find out more.