When business partnerships end and you decided to start a company with someone differently, forming a new structure for the corporation makes perfect sense. The two of you had protection through collective power and influence over the company’s direction. Still, connections and business requests change, and businesses generally need to acclimatize themselves or it is at risk of failing. Whether the partnership is less than repairable, the effects no longer work well between you and your business mate or one of you now wants to move on to a different occasion, you may need to dissolve your corporation. At that time, if one of the mates wants to continue operating the company, they may choose to change the business’s structure rather than to start an entirely new company. Doing so will bear careful planning and specific legal paperwork. Why save the business as a whole? Although you can always attempt to make a business whole again after achieving success formerly, there’s no way to guarantee that you’ll achieve your previous success. Fully dissolving not just your corporation but also your company might mean ending your relationship with your suppliers, your landlord, and your workers. Rebuilding after fully closing down the company can be relatively delicate. There’s also real value in your established functional history and brand character. You can potentially keep the business name and all of its offers when your partner leaves the company. Doing so simply requires careful planning and applicable paperwork executed by both former partners. You may choose to produce a limited liability company or a larger corporation. You might indeed decide to take out a new business partner and produce a new cooperation. Re-evaluating the right organizational structure for your company is a priority and should benefit you and the business during times of significant change.
Do You Need Help Ending a Business Partnership?
If the idea of ending your business partnership in Arizona seems overwhelming, you’re not alone. The team of experienced business attorneys at the Law Offices of Enara Law PLLC will walk you through the steps you need to take together to ensure you are upholding your legal obligations. Dissolving a partnership can be incredibly complicated if a dispute or multiple issues are involved between partners holding up the process. So let us alleviate the situation, ensure the process is conducted correctly, and protect your interests.