Should I Dissolve My Business in New Port Richey?

Business dissolution is a complex undertaking, but it may be necessary for various reasons. If you’re thinking about navigating this process, you may have various reasons for doing so. Perhaps you wish to retire and enjoy the profits of a long and successful business career. Maybe you’re ready to close one chapter of your entrepreneurial journey and begin another. You might have no choice but to dissolve your business because of difficult times. Whatever the case may be, a business lawyer in New Port Richey may be able to assist you.

Business Dissolution Could Be the Right Choice Before Retirement

Many business owners choose to dissolve their corporations or LLCs before retirement. This might make more sense than keeping the business operational and active during retirement for various reasons. First, you may not feel confident about someone else running your company. You might also need the assets held inside the business to retire comfortably.

Whatever the case, business dissolution before retirement is a common goal. With the right approach, you can minimize your debts and maximize the assets distributed back to the owner (you).

Business Dissolution May Be Necessary Due to Disputes Between Owners

If the company has numerous owners, certain disputes could lead to dissolution. While this is often a last resort, there may be no other option but to shut down the business and split up the assets. After this process, each owner can go their separate ways and attempt new ventures with their share of the company’s assets.

Note that business dissolution robs owners of control, especially during bankruptcy proceedings. For this reason, it may be preferable to consider alternatives through mediation or arbitration before dissolving the company during dissolution. Speak with an experienced business attorney to learn more about your options.

Business Dissolution Can Lead to New Ventures

In certain situations, it may be possible to dissolve a company, restructure debts, and start a new venture without those liabilities. This often occurs in a very strategic manner, allowing business owners to explore new ideas for future success. Effective debt restructuring is essential in this scenario, and this may be something that a business attorney can assist with.

Business Dissolution Often Occurs During Bankruptcy

If the business is going through a bankruptcy, dissolution might also be a necessary step. By selling assets to satisfy debts, the company will close out its life cycle and maximize returns to both creditors and owners. With the right approach, a bankruptcy can also allow a business to recover without shutting down operations.

Can a Business Lawyer in New Port Richey Help With Business Dissolution?

Regardless of why you’re dissolving your business, working with a business lawyer in New Port Richey may be a logical choice. With help from these legal professionals, you can handle regulatory compliance, debt restructuring, and dispute resolution with confidence. To learn more about the next steps, consider speaking with Athanaselos & Associates, P.A. at your earliest convenience.

Source: 

floridabar.org/the-florida-bar-journal/anatomy-of-a-business-divorce-florida-llcs/