Business Dissolution Attorney in Atlanta
Reached the End of Your Business Venture?
One of the most difficult decisions a business owner or business partners can make is to dissolve their business. Unfortunately, this is not an uncommon practice in today's struggling economy. If you are looking to dissolve your business, make sure that you retain an experienced Atlanta business dissolution lawyer. The counsel and guidance of an attorney will ensure that your case runs as smoothly as possible. Countless details are involved in the business dissolution process, and one small mistake could be very damaging to the outcome of your case. Buckley Beal has more than 85 years of combined experience and can provide the counsel that you need.
We can assist you with the following areas of business dissolutions:
- Division of all assets and property is fairly divided between all partners and shareholders
- Disputes regarding division of clients or customers if anyone plans to continue in the same line of business on their own
- Legal responsibilities of each party
The overall goal is to dissolve your business with as few problems as possible. Our firm can provide the skilled and aggressive business litigation that you need in order to protect your rights and expedite the dissolution of your business. If you are currently considering dissolving your business, allow us to assist you!
A Closer Look at Closing Your Business
Closing down your business for the last time is going to be much more complicated than just closing the front door and never opening it again. You need to take deliberate legal steps to distance your own personal assets from any liabilities your company may undertake as it is dissolved. This means minding your credit as well as your business and community reputation, and knowing the ins and outs of the business dissolution process.
When a business is dissolved, you will generally want to follow these five steps:
- Voting: When it comes time to close or sell your business, you have to make certain everyone who has a say in the matter agrees, or that the majority does, at least. Somewhere in your business relation contracts, there should be a clause about voting on major company changes, like dissolution, especially if you were an LLC, partnership, or corporation controlled by shareholders. Follow the voting process to the letter or team up with a business litigation attorney to make certain you do not violate any contracts in your decision to close up shop. If you ran a mom-and-pop shop, this should be of small concern.
- Dissolving: The first group that needs to know about your business’s dissolution is the American government. If you were getting any tax breaks for being an LLC or corporation, Uncle Sam will want to know to remove those discounts. Depending on your circumstances, you might also have to pay off all your business taxes before the state will recognize your dissolution. Necessary paperwork can be found at your local secretary of state division.
- Canceling: You probably had at least one business permit, license, or name specifically for your business that is coming to a close. Cancel those now before you forget. If you do not, you could keep paying related fees even after your business is gone, or someone could illegitimately use your permit or license number.
- Notifying: It is time to let everyone else know of your intent to dissolve your business. You should set aside time to notify anyone who would be immediately affected by your business’s closure, such as suppliers, service providers, utility companies, banks, and landlords. Do not forget two of the most important groups: your employees and your customers. It might not be pleasant but letting them know as soon as you know you are closing up shop is for the best.
- Paying: If you have any taxes or other debts left unpaid, you and your partners must start to decide how and if they can be repaid. Many businesses have to consider bankruptcy during this final step in the dissolution process, and you should not completely rule it out, either. You will also need to inform the IRS, usually through an IRS Form 940 or 941.
Consult an Experienced Atlanta Business Attorney
Buckley Beal has decades of experience and is more than capable of handling your business litigation case, no matter how complex it may seem. Our goal in practicing law is to help businesses and individuals and to provide personal commitment. When you retain Buckley Beal, you can have the personal attention of your business litigation lawyer. Our legal team evaluates the risks and weighs the costs of each case by calculating the benefits before moving forward on a case.
Call our attorney to find out what we can do for you.
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