Legal Question in Business Law in Maryland
Dissolving a company
I have decided to leave the company my business partner and I have started. She wants to retain the business but it unsure as to how she wants to run it or how much inventory she wants to keep. She wants me to sign off of the business by the end of the month for tax purposes BEFORE all assets are liquidated and the money is distributed. Your recommendations would be appreciated.
Thank you.
2 Answers from Attorneys
Re: Dissolving a company
How you and your partner part ways depends on what type of business entity you have in place. If you have a corporation it may be a matter of your partner buying out your shares in the business. You should also review your corporation by-laws. If it is a partnership, certain procedures involving the winding down of business must be followed before the partnership is resolved. Again, your articles of organization should spell out the procedure you and your partner agreed on.
Re: Dissolving a company
The type of business entity drives the resulting actions. Many matters may be present including tail liability, use of images and proprietary materials, distribution of assets and debts, and how the company will continue operations. Contact an attorney should you require legal assistance.
Joe Holthaus
(410) 750-2567
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