Business Divorce & Dissolution
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A business divorce is similar to a marital divorce: The parties no longer wish to remain together. Like a marital divorce, a business divorce can be amicable or contentious. Also like a marital divorce, a business divorce requires skilled legal representation to protect the parties’ interests. At the New Jersey law firm of Bramnick, Rodriguez, Grabas, Arnold & Mangan, LLC, our NJ commercial litigation attorneys are ready to help business owners obtain the best possible outcome in a business divorce, whatever the circumstances.
With six New Jersey locations, our law firm protects the interests of all types of businesses, from small sole proprietorships to large corporations. Whether the business owner disagrees with the other owners, or simply wants to dissolve their business, our experienced NJ business dissolution attorneys can help. Our goal is to protect the financial and legal interests of our clients, whether the divorce is straightforward or complex. Call or email us today to discuss your options.
Our NJ business dissolution lawyers help clients end their involvement with a business in a variety of ways, including:
We work with professionals in a variety of fields, including accountants, appraisers, and others, to ensure that our clients involved in a business dissolution or divorce in New Jersey receive their fair share.
Although a business divorce can occur for any reason, the most frequent causes of business divorce in New Jersey include:
In some instances, a business dissolution happens because the principals simply are unable to work together. Whatever the reason for the divorce, our New Jersey business divorce attorneys can help clients leave or dissolve a business as smoothly as possible, whatever the circumstances.
If you are considering leaving your business, or if you have been told that your partner or other principal wishes to dissolve the company, our New Jersey business law attorneys can help. To speak with an experienced NJ business dissolution lawyer, contact us anytime. Call Bramnick, Rodriguez, Grabas, Arnold & Mangan, LLC anytime or email us. With offices in Newark, Westfield, Scotch Plains, East Brunswick, Cherry Hill, and Clifton, our law firm makes it easy for NJ business owners to obtain the legal advice and representation they need to succeed.
The business divorce process depends upon how you are organized—corporations, for example, must follow the procedure set by New Jersey law. You may have to first obtain shareholder approval or member approval. Articles of dissolution should be filed with the state. We will also have to prepare your final tax returns and notify any creditors of the dissolution. Once outstanding debts are settled, any remaining assets are distributed among the business owners. The organizational paperwork and any business agreements can impact any steps in the dissolution process.
Some business associates enter into an agreement that specifies how assets and liabilities will be handled upon the business’ eventual dissolution. In many cases, assets must be sold to satisfy outstanding liabilities. Once debts and taxes are paid, the assets can be divided either according to the terms of a prior agreement or through negotiation between the business associates.
While a corporate dissolution is akin to eliminating a legal “person”, the corporation can continue certain activities. Business activities must cease upon dissolution, but the corporation’s corporate existence continues so that the business can conduct “winding up” activities, such as liquidating assets and paying creditors.