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Help With Business Dissolution In Pennsylvania
A business divorce is, simply put, a divorce of business partners. 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 put into place at the beginning, it is much easier to dissolve the business and the parties can then go their separate ways.
However, we frequently see business owners coming to us who have not put any of these safeguards in place. We have to then address who is going to get what from the business and who will pay whatever debts have been incurred.
We refer to this as a business divorce because many of the issues are similar to those of divorcing couples such as who will retain what assets, who will retain certain debts and who will be responsible for winding up the company, along with other business law issues. Parties are urged to seek counsel early on in the process of dissolving a business.