Queens Business
Divorce Attorney
Queens Business Divorce Lawyer
Many business partners go into business together only to discover down the road that it was not the greatest idea. Perhaps the business never took off, and one partner wants out, or partners could realize that their creative differences do not align. Whatever the reason, when co-owners of privately held businesses reach a breaking point, they need a business divorce. Depending on the circumstances, a business divorce can get complicated fairly quickly. When it does, most business partners wishing to break business ties in Queens seek the help of an experienced Queens business divorce attorney.
The business law attorneys at the Law Offices of Robert Tsigler, PLLC, are equipped to handle business divorces, no matter how complex the circumstances or how large the business is. Our team combines business divorce experience with a vast depth of legal understanding that we put into practice to meet the challenges of business divorce cases head-on.
Our business divorce lawyers aim to find resolutions to our clients’ business partnership disputes without going to trial. When resolve is found outside of the courtroom, it tends to result in an amicable separation of business interests that eliminates any animosity and adversity between the parties severing business ties. When mediation does not work and a case must be determined in court, our legal team is prepared to litigate on your behalf and protect your rights as a business partner.
Types of Business Divorces
A business divorce can serve a number of different business disputes. Some common business disputes include the following situations:
- Proceedings for judicial dissolution on behalf of all owners
- Proceedings for dissenting shareholders, derivative suits, and books and records
- Litigation between co-owners of small businesses, medium-sized companies, and large corporations across various industries, from real estate, finance, and auto dealerships to construction, wholesale/retail, and internet businesses proceedings, among others
Due to the vast scope of industries in which the need for potential business divorces can arise, it is important to hire an attorney with connections to professionals that can contribute to your case. For instance, experienced accountants are sometimes needed to advise clients in buyout structuring, liquidations, or other ways of reorganizing in an effort to make the terms for negotiation settlements or court-ordered proceedings.
Additionally, business appraisers and even realtors are sometimes brought in to evaluate the assets of a company and determine its net worth. This oftentimes helps the divorcing business owners understand and accept the various intricacies and legalities of actions that must be taken when dissolving a partnership. A certain level of creativity is often applied when assisting in the breakdown of a business partnership. It is important that the business divorce law firm you employ has experience in these types of cases to ensure the ideal actions are taken in your business divorce.
Business Agreement
Some business partners have the foresight to make a buy-sell agreement that lays out the proper steps to take should one partner wish to exit the business. While this type of business agreement is still subject to litigation, it can serve as a way to navigate the complications of disputes that arise between business partners. It’s never too late to draft a buy-sell agreement. In fact, a business attorney can assist partners with forming a plan should one of them no longer want to be associated with part-ownership of the business in the future, and it may prevent unforeseen conflict and decrease the risk of a relationship or friendship ending along with the business partnership.
FAQs
Q: What Happens if My Business Partner Dies?
A: In the event a business partnership agreement does not specify otherwise, the death of one partner in a business partnership necessitates the liquidation of the partner’s portion of assets to first pay any debts and then to be distributed to the deceased partner’s estate and remaining business partners, according to the partners’ contributions to the business.
Q: How Do I Dissolve a Business in NY?
A: In order to voluntarily dissolve a business in Queens, NY, you must first obtain written consent from the Tax Department and check if the company owes any back taxes or if any returns are unfiled. Next, file paperwork with the New York Department of State, including a Certificate of Cancelation, also called a Certificate of Dissolution, within 90 days of making the decision to dissolve the business.
Q: What Happens After a Business Is Dissolved?
A: Once a company dissolves, liquidation of the company’s assets must take place either via buyout, sale, or auction of non-monetary assets. Then, any loans, taxes, and debts are paid, and the remaining cash is distributed among former business owners, LLC members, or company shareholders who held interest in the former business.
Q: What Are Some Common Reasons Why Business Partners Get a Business Divorce?
A: There are a couple of different reasons why business partners decide to get a business divorce, including disagreement about the management of the company or day-to-day operations, allocation of resources, and investments; white collar crimes; disputes over compensation for employees; a breach of fiduciary duty between partners; a breach of contract by one partner; disputes regarding a lack of transparency and communication regarding financial assets and resources of the company; and discrepancies between minority shareholders versus majority shareholders.
Contact a Qualified Business Divorce Law Firm
If things aren’t going well in your business partnership, it may be time to get out of it. It may seem like an impossible feat, but it is possible, and it can be amicable with the right attorney. Contact the Law Offices of Robert Tsigler, PLLC, to speak with one of our business divorce lawyers, all of whom are well-educated in business law and have experience in cases involving negotiation and litigation. Our law firm is available 24/7 for your legal needs, and we always respond to our clients within hours, whether they call, text, or email. We respect and honor our role to defend our clients’ rights and protect their interests. Our firm is ready to represent you today.
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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 Queens Business Divorce lawyer can successfully defend your case.
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