Although this might not be true, it certainly seems to be the case that most of what features in news articles and reports about businesses in Connecticut and nationally centers on growth, opportunities and profitability rather than on demise and, ultimately, dissolution.
Yet the latter is just as much a central fact/reality relevant to business as is the ever-hopeful potential that is strongly focused upon at an entity’s formation and throughout the realm of its commercial operations.
Some businesses just don’t make it. For any number of reasons, they exist for some period and then confront conditions that virtually ensure a cessation of operations.
Maybe there is a single driving catalyst spurring their demise, say, new business rivals that have deeper pockets, better products or services and an exponentially growing customer base. Perhaps a host of factors coalesce to make continued operations unsustainable, like shareholder/partner bickering, rising costs, unforeseen litigation challenges and additional matters.
And, of course, it is simply the case sometimes that a business comes to an end when its creator and foremost principal becomes seriously ill or dies.
The bottom line relevant to this post and as noted on our website at the New Haven commercial law firm of Berdon, Young & Margolis, PC., is that, “All businesses come to the end of the road at some point.”
And when they do, they are invariably aided by proven legal counsel as they go about the myriad tasks linked with winding up affairs.
In some instances, a business voluntarily dissolves. At other times, a court oversees an involuntary dissolution.
In either case, there are material things for an owner seeking to terminate a business to think about, ranging from possible employment and environmental issues that remain outstanding to ongoing litigation, tax considerations and a potential for personal liability extending to additional matters.
A proven business attorney with a deep well of experience helping clients wind up business concerns can help with all those matters.