An experienced New York commercial litigation lawyer from Levy Goldenberg is able to assist you with efficiently and professionally dissolving your business and wrapping up its affairs. There is more to winding down your Suffolk County business than closing the doors and turning off the lights. Levy Goldenberg LLP can help ensure you meet all your legal obligations during this complex process.
If you believe it is time for your business to close, get experienced guidance and advice from a commercial litigation lawyer in New York with Levy Goldenberg. Our team is skilled at representing business owners in all stages of their companies’ lives, from when they’re starting to when they’re winding down.
Knowledgeable Guidance for Businesses of All Sizes
Your business may be a sole proprietorship where you and a family member are the only employees. Alternatively, you may have a large corporation with multiple offices and hundreds of employees. It’s also possible that your business is a general partnership between you and multiple close associates.
There are multiple types of business entities, each of which has unique startup processes and operations and comes with its own advantages and disadvantages. Naturally, the steps involved and challenges to surmount when winding up a business will depend heavily on the type of business you formed.
That said, no matter your business type, the number of employees you have, or the amount of assets in your company’s name, the team of attorneys at Levy Goldenberg has the background and knowledge to assist you in ending your business legally and ethically. Contact one of our Suffolk County business lawyers today.
Process of Dissolving Your Business in New York
Just as your business is unique, so too is the process of winding down its operations. You need a commercial lawyer who knows the questions to ask and can build and execute a successful dissolution plan. At Levy Goldenberg, we will ensure that you:
Explore Whether Dissolution Is the Right Decision
First, one of our commercial litigation lawyers will discuss your reasons for wanting to dissolve your business. In doing so, we will give you confidence that your decision to close your business is right for you. If there are alternative ways to achieve your goals, we will explore those options with you.
Alternatives to ending your business could involve restructuring your company’s debt, expelling a partner or owner, or changing your business from one entity type to another. A thorough review of your situation with one of our firm’s New York commercial litigation lawyers will reveal the best path forward for you and your business.
File the Petition and Required Notices
The process of dissolving your business begins with filing the appropriate petition that announces your intention to wind up your business. Notices should also be given to any creditors, so they have an opportunity to file claims against your business and its assets. Failing to give proper notice before you dissolve your business can extend and complicate the process of winding your operations down.
Settle Claims With Creditors
Any debts you owe to creditors will need to be settled before your business can close. Depending on the nature of your business, these debts could be settled using your company’s assets, your personal assets, or some combination of the two. A New York business lawyer from Levy Goldenberg will work to protect your personal and business assets to the fullest extent possible during this process.
Distribute Assets
Any real estate or other assets of the business that remain are then sold off and distributed to the business owners. Issues can arise if there are multiple owners and one or more of them do not feel that assets were divided fairly and equitably. Having a skilled lawyer helps you through this delicate stage.
Experience and Skill to Navigate Unexpected Issues
At any stage of winding up your business, legal or personal issues could threaten to complicate your situation and goals. However, with Levy Goldenberg by your side, your commercial lawyer will work to identify these potential obstacles and address them swiftly so as not to impede or delay your company’s dissolution.
Ready to Move Forward? Contact a New York Commercial Litigation Lawyer Today
There are numerous factors to consider when you are wrapping up your business. Errors can expose you and your assets to liability and additional litigation. Knowledgeable and well-trained legal counsel can not only help you start your business on a strong footing; it can also guide your business to a successful conclusion.
You may be experiencing anxiety or trepidation about ending your company’s operations. Such fear and hesitation can keep you from making the choices that are in your and your company’s best interests. Skillful, honest, and professional advice and advocacy are what you can expect when you retain Levy Goldenberg.
Contact us today and schedule your consultation with us so we can get to know you and your needs.