There are times when a business partnership, including a corporation, may wish to dissolve and no longer continue the business relationship. This process often can be quite difficult, not only from a business point of view but also from a legal point of view. At times, dissolution of a business is amicable, although that is not often the case.
There are a wide variety of reasons why individuals within a partnership may want to dissolve the relationship. The reasons often involve what is known as a fiduciary obligation, which is an obligation of loyalty and trust that the partners in the business have with each other. When one or more partners begin to misbehave, it can affect the other partners, which could lead to a separation in the partnership. Common reasons for a business separation include ouster of one of the owners or lack of disclosure of important information, or a situation in which one or more of the partners take all or part of the assets — usually cash— and put them elsewhere.
At GED, we can do what is necessary to help move the dissolution process forward and ensure that your interests and rights are protected.