There are several factors to consider after deciding to wind down your business. Whether you are a solo entrepreneur or you own a large company, many things can go wrong if you do not take careful steps when closing your company.
With so many complication factors of business dissolution in San Antonio present, it is a good idea to rely on the support of a compassionate lawyer. Business dissolution attorney Sasha Begum understands these challenges and is prepared to help you navigate this process.
The longer it takes to formally dissolve a business, the more it might cost. There are ongoing expenses related to everything from licenses to lease agreements. Some of these costs can only be curbed or eliminated once this process concludes.
Because of the risk of spiraling financial costs, avoiding unnecessary delays during this process is crucial. Many of the issues that can slow these efforts down are avoidable with the help of experienced legal counsel. With an attorney advising you, the odds of complicating factors interfering with the dissolution of your San Antonio decrease.
It is possible for all of the shareholders of a business to be on the same page when it comes to the decision to close, only to find themselves with very different expectations on how company assets should be divided.
The way that company assets are divided depends on how the business is structured. If a controlling document was used to create the company, it likely contains language on how assets are split after dissolution. However, that does not mean conflicts are impossible or even unlikely.
It is also worth noting that many businesses lack assets to divide after settling their tax obligations and paying creditors. This lack of remaining property could also result in conflicts between shareholders.
When businesses shut their doors, it can have a ripple effect across multiple businesses, geographical locations, and industries. If you were under contract with a customer, vendor, or supplier, it might not be as simple as telling them that your company is no longer in operation.
In many cases, these relationships are covered by legally binding contracts. Getting out of those agreements might not be simple. While these existing contracts are not always highly restrictive, the language can vary dramatically from one case to another.
An experienced San Antonio attorney could evaluate all of your agreements with third parties like customers and vendors to determine your obligation to them. In many cases, it may be enough to formally notify them of the dissolution of the business with enough lead time for them to make other arrangements. Of course, more restrictive language can lead to challenges, especially when the other party is unwilling to budge.
While there are pitfalls to be aware of as you wind down your company, you do not have to deal with them on your own. The right legal team could answer your questions about the complication factors of business dissolution in San Antonio before offering you solutions. Reach out to Begum Peláez-Prada, PLLC, today for a private consultation.
