When Is It Time to Consider Dissolving Your Business Partnership?

When Is It Time to Consider Dissolving Your Business Partnership?
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For most business owners, they thought long and hard about entering a partnership. Making this kind of commitment, especially with somebody you aren’t related to can be scary. It doesn’t matter how well you know a person, things come up that can make it hard to run a business together. If it’s gotten to the point where you think it’s best to dissolve your partnership, it’s important to think it through. You should meet with an experienced Middletown business lawyer before you make any final decisions. They can answer any questions you have about how to dissolve your partnership. They may also have information about other options that are available to you. Making this kind of decision is permanent. You want to make sure you have all of your ducks in a row before you do something you can’t take back.

Are Both Partners Carrying Their Own Weight?

One of the most frustrating things in a business partnership is when only one person is pulling their weight. If you’re putting in sixty hours a week and your partner only comes in once or twice a week, it can be maddening. Part of you wants to call them out and demand that they dedicate more time to the business. The other part of you realizes that it’s been this way from the beginning, and you have no right to complain now. Sometimes, people make promises regarding their partnership that they can’t follow through with later. If this has happened in your business, you should call and discuss it with an experienced Middletown business lawyer.

You and Your Partner May Have Different Expectations

When you opened your business, you and your partner may have agreed on what you expected from the company. Perhaps you thought it would serve as a second income. Or maybe you agreed that the two of you would work at the company full-time. Sometimes, things change over the years. Your expectations of the business may have changed. Your expectations of your partner’s involvement may have changed as well. If that’s the case, it may be time to consider dissolving your partnership. You may want to convert the business into a sole proprietorship. Or you may have someone new who’s willing to enter a new partnership with you. It all depends on the circumstances surrounding your business. The important thing to keep in mind is that you shouldn’t make any final decisions until you meet with a skilled Middletown business lawyer.

It Makes Financial Sense

COVID-19 has changed the face of a lot of companies. Even if your business was profitable a few years ago, it may not be profitable now. If your company is bleeding money, it may make sense to close your doors. This will require that you dissolve your partnership. There are several steps to make this happen. If it’s not done properly, you could end up with liabilities you didn’t expect. Rather than risk this, meet with one of our experienced Middletown business lawyers. They can help you close the business or even handle the dissolution for you.

You’re Ready to Retire

If you’ve reached the age where you’re ready to retire, you have a few decisions to make. You can dissolve the partnership and close the business. Or, you can dissolve the current partnership and have someone else step in to share responsibilities with your partner. Depending on how old your partner is, the two of you may both be ready to retire. This means you may have the option of selling the company. It all depends on what your situation is. One thing a Middletown business lawyer can do is lay out your options so you have a better idea of what the next step should be.

Talk to a Middletown Business Lawyer Before You Take Steps Toward Dissolution

Even if you’re getting ready to retire, dissolving your partnership can still be a sad prospect. This is especially true if you’ve been in business for a long time. It’s only natural that emotions will play a part in your business decisions. One way to detach yourself a bit is to hire an experienced Middletown business lawyer at Aeton Law Partners to take things over for you. They can help with the dissolution papers and make sure it is done properly. They’ll make sure all the agencies are notified as required by law. This gives you a chance to get ready for your next adventure. All you have to do is call our office and set up a time to meet with one of our business attorneys.

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