Business Divorce

A business divorce is, quite simply put, a division of a business. Usually we see business dissolutions as a result of the economy or when one of the participants no longer wants to be involved in the business. If the business was properly formed, bylaws created and/or Buy-Sell Agreements were put into place at the beginning, it is much easier to dissolve the business and each party can then go their separate ways.

However, we frequently see business persons coming to us who have not put any of these safeguards into place. Thus, we have to then address who is going to get what from the business and, if there are any debts that have been incurred, who will take care of payment of those debts.

We refer to this as a "business divorce" simply because we have a lot of issues that are similar to divorcing couples. We have issues that relate to who will be retaining what assets, who will be retaining certain debts, who will be responsible for the wind up of the company, and other similar issues. We even have issues of who is going to get the personal property within the building or the building itself in some cases.

This topic is one that has become much more common with the economy having declined in recent years, and parties are urged to seek counsel early on in the process to dissolve a business.

Call Our Wyomissing, PA, Business Lawyers

We offer a free, in-office consultation on business divorce matters. Call the attorneys of Rowe Law Offices, P.C., at 610-816-0935 (Berks County), 717-345-3208 (Lancaster County), 570-362-6837 (Schuylkill County) or 866-232-1913, or send us an email. We represent clients in Berks, Lancaster and Schuylkill counties.