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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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Steps to take when seeking to dissolve a business partnership

On Behalf of | Aug 2, 2021 | business law

There could be a multitude of circumstances in with the relationship between two or more parties in a partnership agreement might turn south. In some cases, such a scenario could lead to discussions about the possibility of dissolving the partnership, and while this could be the healthiest path for everyone involved, it can also be a complex endeavor. Business owners in New York who face a similar situation could benefit from seeking insight on some of the steps to take to help them better prepare to choose the best path with which to dissolve the partnership. 

According to experts, there could be various factors to consider when preparing to dissolve a business partnership, some of which could include: 

  • Review the contract:  The partnership agreement could hold a wealth of information that may prove integral to the situation at hand, and it may even help smooth out the dissolution process. 
  • Know the options:  Some possible options for those seeking to dissolve a partnership could include buying out a partner’s business interests or selling the company and knowing the available options could be essential to choosing the best path forward. 
  • Vital topics:  Performing a valuation of business assets and compiling a list of business debts are just two more examples of vital topics to address when seeking to dissolve a partnership. 

It is possible that business partners may also have arrangements in place with other parties, such as employees and product vendors, and knowing the steps to take concerning these parties may also be imperative. 

Dissolving a business partnership can be a complex process and the outcome of the situation could have a significant influence on all parties involved. Business owners who wish to seek insight in covering all their available options when preparing for a similar process could find it helpful to consult with an attorney prior to choosing a path. In doing so, a person in New York could obtain much needed advice in addressing every vital aspect of partnership dissolution and become better prepared to make informed decisions concerning the future of his or her business endeavors. 

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