The formal term for closing and winding down a business is dissolution. Whether you are preparing for retirement or can no longer afford to keep the operation afloat, there is a legal process you must go to formally bring the company to an end. The good news is that you do not have to take on that challenge by yourself.
There are many benefits of a San Antonio business dissolution lawyer like Sasha Begum. For years, her firm has served as counsel for numerous companies of all sizes. Before you attempt this process on your own, reach out to learn how a skilled attorney may be able to help.
Depending on the type of business you own or operate, winding down can require an extensive amount of paperwork. When it comes to closing down a limited liability company (LLC) in Texas, this includes obtaining the necessary certificates from the state that confirm the company does not have any outstanding tax obligations.
Some types of businesses require the filing of paperwork with the state to formalize their closure. An important benefit of working with a San Antonio business dissolution attorney is that they can prepare and review all of these important documents on your behalf.
Before a company can dissolve, it must satisfy all of its outstanding debts owed to creditors. For some businesses, this is as simple as paying what is owed and zeroing out the company books. Not every organization has the resources to do this.
While bankruptcy is the only option in some situations, one of the benefits of hiring a San Antonio business dissolution attorney is their ability to assist with these debt issues. For example, it might be possible to negotiate with creditors and reach a feasible resolution without the need to seek bankruptcy protection. An attorney could also assist with prioritizing debts based on the remaining assets available.
Not all claims filed by creditors are made in good faith. Some are an attempt to profit from a business closing, even when they were not owed anything. This can come in the form of a creditor with a legitimate claim asking for more than they are owed. The right legal counsel can not only push back on these claims but also ensure that the owners are shielded on a personal level from liability.
Once taxes are settled and valid claims are paid, the remaining assets held by the company must be split among the shareholders. This must be done according to the terms of the founding documents. Distributing these assets can be easier said than done. There are complex legal issues that go into this part of the process, so people often benefit from relying on a business dissolution lawyer in San Antonio.
While closing a business may be the end of an era, it also offers you the potential for a new chapter in life. It is vital that you take all the appropriate steps to shutter your company before moving forward. Contact the attorneys of Begum Peláez-Prada, PLLC, to discuss the benefits of a business dissolution lawyer in San Antonio.
