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Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

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Preparing to dissolve a business partnership

| Mar 22, 2021 | business law

Entering a business relationship with another party can be an exciting process that could open various opportunities for growth and success. However, things might not always work out as intended and there may be a multitude of scenarios in which a business partnership could come to an end. Individuals in New York who face a similar scenario may wish to seek advice on all their options and the best course of action to take when dissolving a business partnership.

There could be numerous factors that may influence the process of dissolving a partnership, and some of the aspects to address could include:

  • Partnership agreement: When dissolving a partnership, the first step to take could involve reviewing the partnership agreement, as this may depict the available options.
  • Role of partner: If a partner wishes to leave the business, it may be helpful to examine the role this person played in operations prior to weighing the possibilities and choosing a path.
  • Buy-out of interests: One may also have the option of negotiating a buyout of company interests should he or she wish to keep the business up and running.
  • Negotiating a sale: When a partnership reaches its end, sometimes one of the most favorable options could involve deciding to put the company up for sale.

Dissolving a business partnership does not always have to result in business closure and understanding the available options could help place one in a better position to identify the best path forward.

Individuals in New York who are preparing to dissolve a business partnership and wish to know how best to approach the process could benefit from obtaining legal counsel prior to making any decisions. By speaking with an attorney, a client could obtain much needed information on all his or her available options and on every vital topic to cover. Such guidance could prove integral to helping place a person in a position to make the best decision possible concerning the future of the company.

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