Considering the possible dissolution of a business at the outset can avoid uncertainty later. A San Antonio family business dissolution lawyer could walk you and your family through dissolution processes and provide advice to protect the company and its assets.
At Begum Peláez-Prada, PLLC, our skilled family business attorneys could help you put a plan in place in the event of a company dissolution. Call today to schedule an initial consultation with our experienced legal team.
Thinking about the end of a business at the beginning is key, as a sudden change in events could accelerate the winding down of a business. An asset purchase affecting an acquisition of a company, for example, could leave the business without anything to operate on, leading to dissolution.
Similarly, a family business that sees its founder or important members pass away could become vulnerable without proper care. Fortunately, the process of dissolution can be set out in a business’s formative documents.
A partnership agreement can contain specific terms for what happens when a partner leaves the company and if dissolution begins. Additionally, an operating agreement can lay out how a limited liability company (LLC) must settle outstanding debts and return property to its members.
If drafted carefully, these documents can ensure that the business’s owners know what to expect should it need to dissolve. In San Antonio, a lawyer familiar with family business dissolution could draft your company documents to cover these scenarios and provide crucial clarity.
A lawyer with experience in the business life cycle could advise on how to handle a situation best. They could draft the governing documents of your business to address dissolution and create an orderly process ahead of time.
Dissolution may be necessary if a business is failing or headed toward bankruptcy. Because of this, honest and open conversations surrounding how the family business will wind down are of utmost importance.
Ideally held at the beginning of a venture, those discussions can inform how you and your attorney draft the documents binding the business and its members. With this initial preparation, there should be no surprises if or when the business dissolves.
Certain companies must also cancel their documents filed with the Texas Secretary of State with a formal notice when going through dissolution. A San Antonio dissolution attorney could handle this and any other notices that must be provided to a family business’s contractors, vendors, and customers.
Waiting until dissolution occurs can expose your business and potentially your family to risk. It is crucial to plan ahead. As you set up your company or see it progress, ensure you know what to expect in the case of dissolution.
Early involvement of a San Antonio family business dissolution lawyer from our law firm, like Sasha Begum, could guide you through the process of drafting clear documents and the dissolution process, potentially saving you from future complications.
With decades of business law experience and a desire to work with you and your family, our seasoned business attorneys stand ready to address your questions and concerns. Call today to schedule an initial consultation to learn more and protect your family business going forward.
