Brooklyn Business Divorce Lawyer
When business partners don’t see eye to eye or experience some other reason to end their business partnership in Brooklyn, they must get a business divorce. There are many reasons why a business partnership needs to end, but there’s no reason why it should have to end on bad terms. Facing a business dispute is difficult enough, but an amicable business divorce is the easiest solution. With the right lawyer, your Brooklyn business case can avoid litigation.
At the Law Offices of Robert Tsigler, PLLC, we are committed to minimizing courtroom costs and drama for our clients. We are a reliable group of New York business attorneys who have represented a great deal of clients in getting a business divorce, as well as other areas of law. Our committed approach to each one of our client’s cases has proven successful time and again. By focusing on our clients’ needs, we are more likely to get the outcome for their case that they desire. Our complex understanding of Brooklyn business law allows us to take a competent and confident approach to every case in an effort to optimize the outcome for our clients with repeated success.
Reasons for a Business Divorce
There are many reasons why individuals who partner together in business decide at some point to end their alliance. Sometimes it’s in a company’s optimal interest for one partner to back out of the arrangement or for multiple partners to sell out their portions of a business, either in part or whole, to another partner or another company altogether. Many times, this happens as a result of necessity if the business doesn’t prove to be as successful as was intended.
When a business starts to fail financially, sometimes, the only thing to do is sell to a bigger company that can cushion the negative financials to save the company. Unfortunately, this isn’t always possible, and some businesses must close down for good. Business owners who are going through one of these situations, or a similar one, in an effort to dissolve their business partnership are very fortunate if they can stay cordial during this process. Too many times, partnerships turn into disdainful and spiteful situations of broken pride and hurt feelings.
Negotiating in a Business Divorce
The key to dissolving a business partnership in which two partners cannot agree on the outcome of the company is to find common ground. This is possible through mediation, which creates a safe and non-confrontational place in which cordial negotiation efforts can take place. Whenever possible, it is always ideal to exit a situation with class, dignity, and friendship rather than with remorse, regret, and broken friendships. This may sound like an impossible feat, but it’s not as far-fetched as you might think.
Business owners who have had trouble finding common ground while running their joint business together may find even more problems when trying to split up their business interests. However, a well-versed New York business attorney can be the discerning voice of reason needed to dissolve a business in accordance with the satisfaction of both partners, all the while saving the relationship in the process.
A mediator serves as a non-biased and neutral third party who encourages healthy and productive communication regarding issues of disagreement. A mediator may offer suggestions that could potentially lead to a compromise that pleases everyone. While mediation saves bad feelings, it also saves money when it avoids litigation in the courtroom.
Removal of a Member From an LLC
Some companies find it necessary to remove a member of the partnership against their wishes. This may occur as a result of criminal activity, breach of contract, or some other act against the company by the member. Sometimes partnerships already have in writing how to remove a member from the business should it be necessary, but many do not. In the case that there is no prior agreement on how to dissolve the partnership, the partners can take a vote of the current members and use written consent to serve as notification of their agreement to remove the member. If you are attempting to request the removal of a partnership from the court in New York, an experienced business dissolution attorney can help with your efforts to prepare dissolution papers.
Q: What Happens if a Partner Wishes to Leave an LLC?
A: If a partner chooses to leave an LLC, the courts will appoint an estimator, independent from court or business interests, who will be asked to appraise the member’s interest in the LLC at fair market value. If the member still wants to leave the LLC and the LLC can afford to pay the exiting member’s share, they may pay it in full, the member may exit the partnership, and the LLC can continue to operate.
Q: How Much Does It Cost to Dissolve a Business in New York?
A: You can dissolve an LLC or corporation in New York for $60. If you wish to have expedited processing, you can pay an additional $25 fee. If you have a lawyer helping you in the process, it is helpful because an experienced business divorce attorney knows the proper paperwork and pathway to get your case resolved as quickly as possible.
Q: How Do I Remove a Partner From an LLC in New York?
A: To remove a partner from an LLC in New York, hold a meeting of all current members of the LLC. Raise the action to remove the member, and then take a vote. If approved by a majority of votes, the group may adopt the resolution for the removal of the member.
Q: How Are Assets Divided When a Partnership Is Dissolved?
A: Partners must pay each other any amount that is owed to them with respect to the company’s capital. If there are not sufficient assets in the business to carry out a division of the business, any remaining assets must be paid proportionately to the partners in respect of each partner’s capital contributions.
Getting Legal Help From a Brooklyn Business Divorce Attorney
Consider hiring a business divorce attorney if you are planning to dissolve your business partnership. Speaking to a reputable business attorney can open your eyes to the legalities of a business divorce that you may be unaware of. Contact the Law Offices of Robert Tsigler, PLLC, and get valuable insight from a Brooklyn Business Divorce attorney that can mean the difference between spending unnecessary time and money on your case and getting the results that you want.
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The Divorce Law firm of Robert Tsigler, PLLC is Ready to Fight for You!
Getting representation as soon as possible following any Divorce-related charge is the best way to promote a positive result from a subsequent trial. Only an experienced Brooklyn Business Divorce lawyer can successfully defend your case.