Dissolving Business Partnership

businessmen and women having problems in their businessThe dissolution of a business partnership may feel like the end of an era in some ways. Partnerships that were formed for a specific business purpose some time ago suddenly fall by the wayside as they become no longer useful to the partners working on them. This is the common tale that is told when these types of things happen. Fortunately, those in need of some assistance with the dissolution of a business partnership do have options including hiring a business attorney in San Francisco.

Take The Proper Steps

Dissolving a business partnership is not as simple as simply saying that you no longer wish to work with a certain partner. Instead, you need to take some procedural legal steps to ensure the partnership is finished in a manner that is ethical and legal. This may require you to get a business lawyer in San Francisco to look over everything that you and your former partner are doing to ensure it is in line with the law and that you aren’t taking any steps that would be considered unethical or detrimental to yourself or to the business.

Review The Partnership Agreement

You will definitely want a business lawyer dispute San Francisco to run their eyes over the partnership agreement that you and your partner have struck up before moving on to the next phase of dissolving your partnership. It is important to do this because you need to ensure that the deal that you struck with your partner is one that you both can agree needs to end now. You should be well aware of all of the various clauses in the contract that are relevant to how the business partnership will end. Many business contracts have a lot of language about what happens at the end of the partnership arrangement, so it is important to know exactly what is in there before agreeing to pull the trigger and end the business relationship.

Vote To DissolveĀ 

Bring your San Francisco CA business attorney with you when you make the decision to vote to dissolve the business partnership. You want them to serve as a witness to the vote occurring, and you will want their guidance about the next steps to take. Some business partnerships are so small that they do not require a formal vote to dissolve, but even in those circumstances, you will want your San Francisco business attorney to be present to ensure that everyone is in agreement that the partnership should be ended.

Pay Debts, Distribute Assets, Inform The State

As the business partnership is coming to an end, you need to take the time to pay off any lingering debts that the company has while also distributing the remaining assets to those who had a stake in the company. You can speak with the firm of James M. Braden about getting a business litigation attorney San Francisco to ensure that the assets are distributed fairly and in accordance with the law. This is probably the most important step in the entire process, as people can get very upset if they feel that they have not been awarded their fair share of the proceeds from the dissolution of the business. You don’t want anything to go wrong at this stage of the game in particular, and that is why you must get your attorney to sign off on what you are doing and help you set up a fund that can distribute the assets properly. Failure to do even this could land you in a bad place legally speaking.

Move On To The Next Thing

When the business partnership ends, you can move on to your next adventure. It doesn’t have to be a dramatic thing, but you still want to keep your legal council close by in case there are any unforeseen issues that arise. You simply cannot afford to take chances on something going wrong when there is this much at stake.