There are many books about how to start your own business, but few about how to successfully and correctly end a business. Luckily, the Texas business lawyers at Voss Law Firm are fit to handle the legal issues related to both the beginning stages and final stages of owning a business.
Just as with starting a business, approaching business dissolution the right way and with the right team can help ensure that you avoid legal issues, stay out of the courtroom, and keep the profits that you deserve. Here is a quick outline of the ten steps involved in dissolving a business:
- Make the decision to dissolve with your business partners (or, if you are the sole owner, make the decision yourself).
- File a statement of dissolution with the state.
- Notify all customers, creditors, business partners, and employees of the dissolution.
- Address what will happen to your company’s clients and customers.
- Document all of the company’s assets, including property, inventory, office equipment, vehicles, stocks, liquid funds, and intellectual property.
- Document all of the company’s debts and creditors.
- Liquidate your debts and pay your creditors.
- Make certain that your tax obligations have been met.
- Settle any outstanding litigation or legal issues.
- Distribute any remaining profits equally to the business owners.
Do you need assistance dissolving your business? The Voss Law Firm can help you through all ten of these steps, making certain that all of your loose ends are tied. Call our business attorneys today to learn more about our legal services and to meet our team: 888-614-7730.