If you are located in the Austin, Texas area and are considering hiring a partnership dissolution lawyer, contact us at Gray & Becker, P.C. We have more than three decades of experience representing the legal needs of the Austin community. If you are currently a member of a business membership but wish to dissolve it, we can assist you. Whether you wish to protect yourself from the liabilities and debts of your business partner, or desire to separate yourself from undesirable agreements, dissolving your partnership may be the optimum solution. Many people choose to dissolve a partnership on the eve of retirement or to pursue new business opportunities. Discuss your legal options partnership dissolution lawyer from our Austin, TX office during a complimentary consultation. Before moving forward, it’s important to understand your legal obligations as well as your choices.
Below is a general overview which you might find helpful in advance of meeting with our partnership dissolution lawyer in Austin, TX.
Consult Your Partnership Agreement
Before moving forward with legal proceedings to dissolve your partnership, review your partnership agreement if you and your partners created one. It may contain a detailed outline of important decision making that affects the partnership, particularly in regard to dissolving it. If a partnership agreement exists, it can provide the information you need and must follow in order to end the partnership. Our partnership dissolution lawyer in Austin, TX can review this agreement to identify any potential issues that may cause you immediate or long term problems. If you do not have a partnership agreement, we will work to protect your best interests.
Buying or Selling Partnership Shares
If you have not come to the decision that a dissolution is your only option, then you may benefit from considering the purchase of your partner’s share of the company. Alternately, you may wish to sell your partner your share in the business. In these scenarios, the company continues although the existing partnership ends. There may be pros and cons to each choice which you can discuss with your partnership dissolution lawyer in Austin, TX in order to make an informed decision.
Consider the Current Value of Your Company
An important consideration is what your company is currently valued at, and its potential value in the mid and long term. For example, there may be outstanding loans at the moment which reduces the overall value because of the debt ratio but within a relatively short period of time, they will be paid off, thus increasing the company’s value. The company’s valuation may affect the timing of the company dissolution if you wish to maximize the value, or if you wish to separate yourself from that debt before it is paid off. Our partnership dissolution lawyer in Austin, TX has the experience necessary to provide you with the legal guidance you need to make the best decision.
Seek Legal Guidance from a Seasoned Austin, TX Partnership Dissolution Lawyer
Gray & Becker, P.C. has served the legal needs of the Austin community for more than 30 years. Contact our Austin, TX partnership dissolution lawyer to schedule a consultation with our partnership dissolution lawyer to learn how we can help you.
Dissolving a Business Partnership
Everything eventually comes to an end. For a business partnership, that can end can come because of a dispute, a retirement, a death or simply because the partners wish to re-form their business as a limited liability corporation. Regardless, business partners need legal representation to ensure that their rights and financial interests are protected throughout the dissolution process. If you are in the process of dissolving a partnership in Texas, please contact an experienced Austin, TX partnership dissolution lawyer from Gray & Becker, P.C. to learn more about your legal rights and obligations.
Partnership Dissolution Requirements
Each state sets the rules for partnership dissolution. Generally, all dissolving partnerships have three basic legal obligations:
- A statement of dissolution must be filed
- All affected parties must be adequately notified, this includes creditors, suppliers and in many cases even the customers
- Legal notice must be published and circulated for a number of business days set by the state
Ultimately, these requirements are meant to ensure that partnerships are not dissolved in secret, thereby leaving affected parties in the dark. An experienced Austin, TX partnership dissolution lawyer can make sure that you meet all of these basic legal requirements.
Dissolving a Partnership on Disputed Terms
The partnership dissolution process may not be too difficult when a partnership ends amicably. But, unfortunately, disputes sometimes arise. If you are ending a partnership on disputed terms, an Austin, TX partnership dissolution lawyer is especially vital. Important considerations include:
The partnership agreement: A well-drafted partnership agreement should contain provisions for disputes and dissolution. It will likely establish your rights and your responsibilities as a dissolving partner. If the provisions are not clear, or you believe that your partner has not fulfilled their legal obligations, you should contact an experienced partnership dispute lawyer in Austin, TX immediately.
Understand your duties: You should perform all of the duties obligated under the partnership agreement. Do not leave any loose ends. It will be more difficult to dissolve the partnership if there is still unfinished business. Even more important, in the case of a dispute, the resolution will likely be much less favorable for you if you have unfulfilled duties.
Know the value of the partnership: You need to have a clear picture of the value of your partnership. This includes all of the assets and all of the liabilities. An adequate business valuation should be comprehensively and extremely detailed. You deserve to receive your fair share from the partnership, and the first step is knowing the precise value. This allows you to negotiate from a position of strength.
Contact an Experienced Auston, TX Business Litigation Attorney
If your partnership is coming to an end, whether on good terms or on poor terms, we can help. A partnership dissolution lawyer Austin, TX clients recommend at Gray & Becker, P.C. have extensive experience dealing with business dissolution and partnership disputes. If you are going through a partnership dispute, please contact our office to schedule a free legal consultation.