Rancho Cucamonga Business Dissolution Lawyer

Lawyers Protecting Your Rights in Civil Litigation

No matter the corporate structure or nature of your business - from partnerships to corporations, to limited liability companies - the dissolution of a business is a sensitive and very important matter. There is great potential for a continuation of liability if such legal efforts are not handled properly and with care.

An experienced Rancho Cucamonga civil litigation attorney from Chung & Ignacio, LLP stands prepared to guide you successfully through the dissolution of your business. We aim to resolve any and all outstanding financial or legal issues.

Schedule your complimentary review. Call us today at (909) 726-7112

What Causes the Dissolution of a Business?

Each dissolution case is unique and there can be a wide variety of reasons behind the ending of an enterprise. In best case scenarios, the decision to dissolve was wholly amicable and voluntary.

In more difficult situations, there may be other imminent contributors such as:

• External pressures
• Partnership disputes
• Control issues
• Other matters beyond your control

How to Handle a Business Dissolution

It is never an easy to end something, especially something as important and time-consuming as a business. Businesses require a lot of care, investment, and work. Individuals spend a significant amount of their time and lives building a business and making it run.

Whether it is because of unprofitability, internal dispute, or a government ordained dissolution, there may come a time for a business to close. However, the process of actually ending a business can be quite complicated.

Vote to Close Business

In companies that have more than one owner, the partners must come to a decision to end their business. Your organizational documents should list the technicalities of how many votes are needed in order to dissolve the business. In some cases, majority rules, while in other cases a two-third vote can suffice. You can also look up your state’s business statutes if the number is not specifically noted. Remember to record any decision in writing, whether through the minutes of a meeting or through written consent.

If you are the sole proprietor of a company, you do not need to worry about this step.

Alert the Government Offices

If you filed paperwork with the state when starting your business, you will need to file paperwork for a dissolution with the state as well. An example of this would be if you and your partner filed a “statement of authority” with the Secretary of State, you will have to file a “certificate of dissolution” when you end your enterprise. Filing dissolution paperwork can also help alert creditors and such of your decision.

Cancel Permits and Licenses

When you decide to end a business, it is imperative that you cancel any permit or license you may hold with the state or county. You can contact the agency or office who issued you the license or permit in the first place. It is important you do this so that others cannot use your license or permit for their own gain. If they did, you would be held responsible for what’s done under your name.