Business dissolution is the process of officially terminating a business entity. The state has specific laws and procedures to follow when dissolving your business, depending on the type of business entity. The shutdown process is highly complex, so many business owners choose to consult a legal professional.
A New Bedford business dissolution lawyer can advise clients of the steps they must take to wind down their corporation. Our diligent business attorneys will consider your goals and recommend the most efficient process. Contact our office today to schedule a strategy meeting.
To properly dissolve a corporation, it is necessary to determine what type of business entity is involved. Depending on the structure of the corporation, there may be different processes to follow. The most common types of business entities include:
Dissolving a business can have legal and financial implications for business owners. Consult with an attorney in New Bedford who can guide you through the process and protect your interests.
The process of dissolving a corporation depends on the type of corporation. For example, with sole proprietorships, the business dissolution process is straightforward. The owner can cease operations and close any business-related bank accounts. While obligations to creditors and tax implications may still exist, there is no formal dissolution process.
Other types of business entities, such as partnerships, limited liability corporations, and corporations, must follow a specific process to dissolve properly.
Dissolving a partnership requires a formal agreement among the partners. The partnership agreement should outline the dissolution process in detail. If there is no agreement, intervention by a judge may be necessary.
Members can vote to dissolve the LLC if there is no formal agreement.
Dissolving a corporation involves filing articles of dissolution with the Secretary of State and winding up the corporation’s affairs.
Creditors must be notified before a business is dissolved. Likewise, it is important to comply with any applicable labor laws. An attorney can advise clients of issues related to termination and severance of employees as part of the dissolution process. Be sure to consult an experienced New Bedford business dissolution lawyer about the steps to take in dissolving a corporation.
A New Bedford business dissolution lawyer can provide you with invaluable assistance during the process of winding up your corporation’s affairs. Our attorneys are trained to identify risks and mitigate any potential legal or financial implications to the client’s business.
Whether you own a sole proprietorship or a large corporation, our lawyers could provide guidance, protect your interests, and minimize your risks throughout the business dissolution process. Contact our office to schedule a strategy meeting to evaluate your options.
