Ending Your Business

If you have a business, at some point you may decide that it's time for that business to shut its doors. That decision could come for many reasons, and will likely not be an easy one. And the decision itself is just one step in a series that you will need to take to ensure a smooth and complete end to your business affairs. Consulting with an experienced business dissolution attorney during this time can help ensure that all details related to the closure are handled completely and in a timely manner.

Why You Can't Just Close Up Shop

Depending on the type of business you have, you may need to consult with business partners about several aspects of the dissolution. For example, if your business has written rules of dissolution, you will have to follow these to the letter when ending your business. Obviously it is simplest to end a business for which you are the sole proprietor. But other business types may require that you secure a two-thirds majority vote before you can proceed with a dissolution. You will also need to settle affairs with any creditors, employees, suppliers, subcontractors and others with whom you did business. To avoid disputes and end your business cleanly, you need to make sure that you:

  • File paperwork with the state
  • Complete payroll and other taxes
  • Sell and distribute remaining business assets

A business dissolution lawyer is a great asset during this time, and can help you keep track of and execute the necessary steps to complete your business dissolution professionally. It's important because you may face personal liability if the dissolution is done improperly.

Navigate Your Business Dissolution With Integrity

When it's time to dissolve your business, make sure you do it right so you don't have to revisit the process later. For business dissolutions in the Reading area, contact our office for a free initial consultation. Call 610-816-0799 or use our intake form to get more information.