How to plan ahead for a business breakup
Many people start businesses and run them successfully for years or decades. But life changes, and so can your business. That’s why it’s important to have a clear plan for wrapping a business up. A solid plan can save you time, free you from headaches, and spare you from conflicts in the future.
At Wagner Zemming Christensen, LLP we help business owners plan for the future. And planning for the conclusion of your business is one of the most important things you can do. That’s where our experienced Southern California business lawyers could help.
Our lawyers are ready to listen to you and to help build a plan that works for you. And from counseling you on employment law and real estate matters to handling business litigation, we have the skill and knowledge to fight for what you need.
With over 100 years of combined experience, the lawyers of Wagner Zemming Christensen, LLP are ready to talk with you. Get in touch with us today to learn how we can help.
Dissolving a Business in California
When many people think about dissolving a business, they picture a drawn-out dispute. But the fact is that there are many times that business owners need to dissolve a business so they can move forward with other endeavors. And in some situations, a business may need to end when one of the partners can’t participate anymore.
Common situations that may require the dissolution of a business include:
- One of the partners passing away or becoming incapacitated
- Disputes over the nature or direction of a business
- Unexpected financial strains due to decisions or the broader economy
- Lack of communication
How to Plan For the Breakup of a Business
Planning for the end of a business can be one of the best moves you make. A plan can add certainty and help you make decisions before you’re dealing with the stress of a business breakup. Keep in mind that everyone may have different ideas about what the end of a business means, so having something in writing ahead of time can save everyone a lot of hassle.
Key planning items could include:
- Making sure that formation documents are clear and easily accessible
- Having a written document that details a timeline and everyone’s rights
- Keeping detailed tax records accessible
- Obtaining a valuation of the business
- Discussing rights of employees
- Notification lists including stakeholders, customers, and employees
What the Process Is Like
The planning process depends on the nature of the business, how it’s organized, and what you want to happen. Planning ahead for the possibility of a business breakup doesn’t mean it will happen. But it can save a significant amount of stress and worry down the line. By getting a plan in place before it’s needed, you can make clear decisions about your needs and your goals.
How a Lawyer Could Help
Business breakups happen for many different reasons. And while most people haven’t dealt with a business breakup before, lawyers work with breakup plans all the time. If you need to get a plan in place for a business break up, a lawyer could help by:
- Listening to your needs and your goals
- Answering your questions about the law and your rights
- Advising you on plan elements and what a plan could mean for you
- Pulling together key information for the plan
- Drafting essential documents for your breakup plan
- Serving as your voice in any disputes
If you need to plan for a business breakup, get in touch with Wagner Zemming Christensen, LLP today. Our knowledgeable Riverside business attorneys understand the challenges of building a business and we know how important it is to plan the future. That’s why we deliver years of experience, personal service, and clear communication to help you succeed.
Business breakups happen, but planning now could save you time and money down the line. To start your plan, reach out to us now.