A business dissolution is a complex process by which a company legally ceases to exist. During the dissolution process, the company's assets, including its real property, are sold off to pay for any debts. Then, the outstanding cash is dispersed to the company's remaining shareholders or members.
There are a number of reasons why the need to terminate a business may arise. In some cases, the decision to terminate a business is voluntary and mutual, where you might have superior business plans in mind. In other more unfortunate circumstances, you may be required to dissolve the business for reasons beyond your control. Regardless of the circumstances, you should take every precaution to maintain control over the dissolution procedure. Our Boston business attorneys have significant experience successfully representing all types and sizes of businesses through the dissolution process. If your partnership, corporation, or LLC is in the process of dissolving, contact one of our attorneys today in our Boston, Cambridge, or Quincy office at 617-225-2100 for a FREE consultation.Why Hire An Attorney?
Before dissolving your business, you should consult an attorney in order to help you develop a fair and inclusive exit strategy. There are a number of complicated issues involved in dissolving a business. Tax balances must be paid, corporate tax returns need to be filed with the federal government, and the business must settle employment tax returns in the dissolution process. Federal, state, and local forms must be filed regarding disposal of business property and like-kind exchanges of property. Failure to comply with such regulations may result in fines against the business owner. Finally, it is important to create a plan that shields the business owner from continuing liability after the dissolution of the business. Also keep in mind that the business owner and officers/directors remain liable for the business during the dissolution, even if all official business activities have concluded.We Can Help You Move Forward
At Bellotti Law Group, we can offer you broad representation and step-by-step assistance in all aspects of the business dissolution process. We provide initial advising, a thorough business evaluation of liability and exposure, contract drafting services, and business litigation services in the event of a contested dissolution.
Don't leave yourself open to unforeseen liability when dissolving your company. Our business attorneys will ensure that your interests are fully protected, both inside and outside the courtroom, by working closely with you and exploring all options. Contact a Boston business attorney at Bellotti Law Group, P.C. today.