Tips for Ending a Business Partnership
Business partnerships can be incredibly rewarding,especially with the assistance and guidance that a Memphis TN business lawyer has to offer. Having the ability to share in the responsibilities of a partnership can provide business partners with someone to rely on during the trials and tribulations of owning a business. Sharing in the risk of business ownership with a partner can have a series of advantages. However, in some cases, business partnerships don’t always go as expected. When partners are unable to stay in business with one another, they may choose to end their partnership. In some cases, this can be resolved amicably. However, in most cases a business lawyer Memphis TN like one from Wiseman Bray may play a key role in the dissolution of a business partnership. Here are some tips to consider should you and your business partners decide to part ways:
Tip #1 Review Your Partnership Agreement
In the event you created a partnership agreement, taking the time to review it can help to provide both you and your partner with insight. A partnership agreement can act as a guide to business owners, especially when faced with conflict or disagreement over the business. Once you have made the decision to end your partnership, the agreements you have in place may shed some light into how you and your business lawyer from Memphis TN should go about dissolving your partnership.
Tip #2 Be Honest with Your Business Partner
Have you tried to communicate with each other regarding the problems? Chances are, if you are ending a business partnership, the likelihood that you and your partner have been struggling to run the business together is high. If you have decided to end the partnership, Memphis TN business lawyers stress the importance of at least making attempts to communicate how you are feeling and the decision you have reached.
Tip #3 Attempt to Negotiate with Each Other
Avoiding litigation is usually an attractive option for many business partners. In some cases, partners looking to dissolve their partnership without litigation may be possible. However, it’s important to bear in mind that there can be many complexities to dissolving a partnership. Many of which, you may have not even considered. Accessing a business lawyer in Memphis TN to provide counsel and assistance with this process can ensure that you cover key details to the dissolution process.
When A Memphis, Tennessee Business Lawyer Becomes a Necessity
Even before negotiations to end a business partnership go south, obtaining counsel from a trusted business lawyer in Memphis TN may be necessary. Partnership dissolutions are often a complex matter. It’s likely this process may result in hard feelings between partners. Counsel from a business lawyer that Memphis TN residents recommend can be especially key to remain focused on the task at hand. A business lawyer can help by putting together a dissolution plan that includes:
In some cases business partners can endure this process together. In other situations, partners may be unable to reach an agreement, making the ability to negotiate terms nearly impossible. A business lawyer Memphis TN relies on can help a business partner to file a lawsuit to pursue a dissolution of the partnership. Through litigation, the court may make decisions regarding payments and the division of assets. The process of ending a partnership that requires litigation, in some cases may be the only viable option. A Memphis TN business lawyer can help assist in the complexities surrounding this significant change to your business.
Dissolution of a partnership can be a pivotal decision for a business owner. Regardless of the reasoning behind moving forward, managing the fear of the unknown can be challenging to manage alone. Wiseman Bray, a business lawyer Memphis TN trusts can work closely with you to protect your interests and manage the legal issues you may be facing.
Business Succession, Planning for the Future
If you are the owner of a business, or have interests in one, Memphis TN business lawyers recommend that you not delay in developing a succession plan in the event of the unexpected. Your business succession plan should be an integral part of your business plan regardless of how involved you might be in the day-to-day operations.
A business lawyer Memphis TN business owners recommend can help you to consider all possibilities to ensure you’ve covered all of the details. If you would like to speak with a Memphis TN business lawyer, call Wiseman Bray to access the wealth of knowledge they may provide.
Most U.S. businesses are family owned, and up to half of all wage earners in the country are employed by them. Walmart, for example is the largest family owned private employer in the U.S. Although very few businesses will ever approach this kind of magnitude, all businesses will be subjected to taxes and other rules – especially when a business is transferred. When you die, retire, or become incapacitated, business succession will likely take place. However, without a plan in place that has been carefully developed by a Memphis TN business lawyer, you and your heirs may run into problems.
The Importance of Having A Business Succession Plan
As a business lawyer Memphis TN has to offer might explain to you, a business succession plan enables you to transfer your business to a family member, partner, third party, or to the business itself in an easy and effective way. Your business lawyer from Memphis TN will first consider the type of business structure in place; afterwhich, the following aims may be sought:
It is estimated that only 30 percent of family owned businesses in the U.S. will survive into the second generation. Our Memphis TN business lawyer will tell you that disharmony of family members, taxes, and other hurdles, can make it difficult to transition a business properly. With a business succession plan in place, it may be possible to mitigate obstacles; giving the business the opportunity to thrive.
The future of your business, your family, and your employees will depend upon your business succession plan. Through meticulous planning with a business lawyer Memphis TN provides, you can ensure a smooth, and successful transition between you and the future of your business.
If you would like to learn more about the planning for the future of your business, contact Wiseman Bray, Memphis TN business lawyers that you can rely on.