When a business venture has run its course or the partners and major stakeholders must part ways, special care and attention must be paid to how the partnership is dissolved or exited. Mistakes or oversight can cost both partners significantly.
Chenoweth Law Group, P.C., provides practical legal solutions and strategies for dissolving partnerships and corporations, protecting the long-term interests of our clients. We assist in the valuation of the business and the correct allocation of assets and liabilities to both partners and other major stakeholders, based on percentage of ownership.
Solutions To Help Partners Part Ways, Protecting The Financial Interests Of The Partners
While partnerships can technically be dissolved through a few forms and paperwork, it is rarely that simple. A hasty dissolution can put one or both partners at risk. It is critical that you seek skilled legal guidance during this process to ensure you are granted an appropriate percentage of assets and protected from taking on a greater share of debts and liabilities than you should.
Many dissolutions are the result of partnership disputes, ranging from suspicion of illegal or unethical behavior to disagreements over how the business should be run. We provide skilled negotiation and mediation services to prevent the emotion and friction of these conflicts from standing in the way of an efficient dissolution.
Our firm also assists in the dissolution of partnerships where there is a lack of formal partnership agreement or contracts. Should the matter go to court, the assets will likely be divided 50-50 between the two partners. If this is not appropriate, given the understanding between the partners, we can assist in negotiating or mediating an agreeable division. These breakups can be complex, requiring experienced representation to correctly determine how company assets should be divided between the partners. We provide innovative compromise solutions to ensure both parties are granted a fair portion.
For more information, please contact our law offices today at 503-446-6261.