When partners are no longer able to continue in business together, dissolution is often the only answer. Partnership dissolutions can be complex, requiring the advice and guidance of experienced legal counsel.
What Is Dissolution?
Dissolution refers to the process of shutting down a business. While many people think closing down a business is simply shutting the doors, there are actually numerous steps that must be followed. In order to dissolve a business, the owners must first agree to close. This can often be tricky if one or more partners want to dissolve while others want to remain open. After deciding to close, business owners must file paperwork with state and federal agencies and cancel any permits and licenses. Next, owners must pay all taxes and debts and notify creditors, employees, and customers of the dissolution. The business and remaining assets can then be sold, with the profit being distributed to the owners.
Successful Business Divorce
Partnership disputes often lead to what many people call a “business divorce,” and these partnership disputes can be resolved in many ways. At Feldman & Feldman, we work with partners and business owners facing disputes to create unique solutions. If a limited partner would like to withdraw, with or without the support of the general partners, Feldman & Feldman is also experienced in handling buyout agreements. We can facilitate a smooth and advantageous transition for your business.
The partnership dispute lawyers at Feldman & Feldman are also familiar with the different types of general partner liability, from joint and several liability of general partners, to vicarious liability for the acts of employees, and direct liability for individual actions. We can help determine who is responsible and protect your best interests.
Houston Partnership Dispute Lawyers
Partnership disputes do not pop up overnight. Oftentimes disputes begin with small disagreements that snowball out of control. The Houston partnership dispute lawyers at Feldman & Feldman can help protect your business and your best interests. The sooner you have Feldman & Feldman by your side, the sooner you can resolve your dispute. Contact us today to schedule a consultation to discuss your case.