Working Through a Business Dissolution
All businesses come to the end of the road at some point. The reasons vary:
- Business/financial failure
- Changes in the market/competition
- Inability of board members to agree on a course of action
- A serious dispute or event that makes continuing impossible
- Health concerns or death of a principal
But you cannot just walk away from a business. Unless you properly wind up the affairs of your business, you may incur personal liability for employment or other taxes or environmental matters. You may have also assumed personal liability for debts or other obligations of the business which will be triggered upon its closure. There may be other ongoing issues you will be called upon to address.
Dissolution Of Corporations, Partnerships And LLCs
Two forms of corporate dissolution allow you to sidestep these issues: voluntary dissolution and involuntary or petitioned dissolution. Involuntary dissolution requires court intervention. Both kinds are complex enough to require experienced dissolution attorneys representing you.
Berdon, Young & Margolis, PC, located in the New Haven metro and serving Connecticut businesses, is experienced in this work as well as dissolution of partnerships. We can file articles of dissolution in Connecticut and terminate the company’s incorporated status.
An Emphasis On Practical Solutions
In winding up the affairs of your business through legal dissolution proceedings, our emphasis is on communicating what must be done and what can be done. We explain the recourse of stakeholders and the duties of principals. We explain what options are available, the obligations that may arise, and walk you through the necessary steps to wind up your business.