Business relationships are complex. Operating agreement conflicts, company dissolutions, and “business divorces” can be emotional and costly.
Having an experienced, knowledgeable North Carolina attorney at your side during a business divorce can help you solve the matter efficiently, fairly, and without further legal issues.
“So I have this great business idea,” says a friend, family member, acquaintance, colleague – or even you.
It begins. You go into the relationship with high hopes. You have a corporate attorney draft all the paperwork. After meeting with legal counsel and the accountant, you pick a corporate structure. You negotiate your corporate documents and file with the Secretary of State.
In many ways, you and your business partners have essentially walked down the aisle together. It’s a business marriage, but not everyone may fully understand the commitment.
Often, “business divorces” are even more costly than a marital dissolution. The law is less certain, changes often, and can depend upon complex contracts. Like domestic marriages, business divorces can get hotly contested, contentious, emotionally draining and financially disastrous.
You feel confident you and your partners can work through it on your own. Unfortunately, most cannot. Rational discussions bleed into personal accusations. Your carefully crafted corporate instruments turn into battle weapons.
In many cases, business owners wait too long before they seek help.
When confronted with a business dissolution in North Carolina, business owners often have the following concerns:
Are my interests and assets protected?
Are we following all state and federal laws regarding business closure?
How will our existing contracts be affected by my business closure?
How do I file my business taxes next year?
What happens to my business’ real estate?
What happens to my business’ intellectual property?
How will I handle legal disputes related to my business divorce?
Much like in a divorce, you may feel like you just want to get the process over with and move on as quickly as possible. But understand that businesses dealings when dissolving a business need just as much care and attention to detail as when you opened your doors. Not being thorough and thoughtful during a business divorce can lead to possible litigation and significant expense.
What Are Your Options When Facing Business Divorce?
Read “Business Divorce Part I: Know Your Options” by Lincoln Derr NC business attorney Jeremy Sugg and learn the four steps you should take before making any decisions regarding your business divorce.
We Want to Hear Your Story. Discuss Your Options with an Experienced NC Business Attorney
We are here to guide you through every step of your business divorce, from beginning to end. We are here to listen to your side of the story, answer your legal questions, and review your documentation. Contact us today.
In part four of our four-part series on business divorce, we discuss what happens when all else fails in pursuing a North Carolina business divorce and you’re forced to consider the last resort: litigation.
Business litigation takes a significant amount of time and money. In most instances, litigating a business divorce through a verdict at trial runs counter to a business’s profitability goals. However, there are notable exceptions in which a business will benefit from litigation during a business divorce.
For the second part in our business divorce series we address the opportunity cost of informal and formal discovery.
It’s vital to understand your options when dissolving a business in North Carolina. Part one of our four-part series on business divorce.