Dissolving Partnerships with Founding Members

Breaking up can be hard to do, but sometimes it is an unfortunate necessity in business. One or more founding members may have different values or vision for your company, or they may want out altogether to pursue other career goals. Perhaps you or another partner don’t work well together, and you would like to buy them out. And unfortunately, as is all too common in business partnerships—you may be involved in a major dispute that is forcing dissolution.

If a thorough contract was drawn up by your business attorney in the beginning, you should be able to use that as a reference point, hopefully avoiding any expensive or drawn-out litigation. Undoubtedly, there will be numerous details to tie up as one or more partners exit. Consult with your attorney about how this will affect your business, as well as developing a strategy on how to disengage financially and contractually.

You will all save time and money if the dissolution is amicable and organized. If you own a high-profile business, it is best to avoid any negative publicity. And although you and any founding members may be tired of working together currently, this may be a longstanding business relationship (perhaps even with a relative or close friend) that is worth preserving. You may want to work together again in the future, and especially if the member or members exiting go on to create a new company that may complement yours. Dissolution should not be performed in haste or anger, but rather thoughtfully and with all parties looking toward the most positive outcome possible.

For some businesses, the dissolution of partnerships is easy. It may even be a friendly process as everyone was prepared and there are no hard feelings. For others, divorce and the dissolution of a much larger partnership may be at hand as well. If there is the potential for emotions to run high, consider having your attorney handle as much of the process and communication as possible. You will need expert legal help as well as that of your accountant, to do the following:

Calculate the value of the company
Review any non-disclosure or non-compete clauses
Divide assets as well as debt—to include formal business loans
Divide accounting and legal fees
Tie up loose ends regarding exiting members’ workloads
Discuss any changes to be made to current contracts and leases

From that point forward, if you plan to continue with your existing company, work with your business attorney to make sure the current partners names are listed appropriately in the corporation or LLC’s paperwork, as well as reviewing paperwork for current vendors, clients, and more.

If your business needs experienced legal help for dissolution of a partnership, handling disputes, creating contracts, or more, contact Shane Coons now at 949-333-0900 or email at Shane.Coons@seclawoffices.com. Our law office represents clients involved in a wide range of businesses and legal issues, and we would be glad to review your case and help you explore your options.

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Dissolving Partnerships with Founding Members

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