Coral Gables Legal Counsel For Business Divorce
Business relationships, like any throughout life, can start to break down over time. When the time comes to call it quits with your current business partner, navigating the process of untangling your partnership can be daunting.
At QUARANTA P.A. TRIAL LAWYERS, we understand how overwhelming a business divorce can be. That’s why we devote our time and resources to help you navigate the fallout. We have deep experience with disputes between partners, LLC members, and close corporation shareholders. Understanding your role in the business is key – we meticulously examine operating agreements, shareholder rights, and the full history of the venture. We know the law; we’ve been doing this for 32 years. Our focus is on securing the the resolution you want, whether through negotiated settlement or a well-crafted litigation strategy. We know our way around a courtroom and have the knowledge and experience to present your case compellingly to a jury.
We Provide Business Divorce Services For Multiple Entity Types
We are well equipped to assist enterprises of all types of business structures, including:
- LLCs
- Partnerships
- Corporations
- PLLCs
- S corporations
- LLPs
- LPs
- Multi-member LLCs
- Joint ventures
We understand that no business divorce will look the same. Business structures can look different, and the nuances and operations of each entity can make things more complicated. We are here to guide you through every step of the process. If you have any questions or concerns about your specific situation that you would like us to address, call us at 786-901-5685.
How Can Business Structures Impact Business Divorce Proceedings?
Your business structure can have a significant effect on business divorce proceedings. When you and your partner or your co-owner or co-owners decide to dissolve your business relationship, the type of business entity you chose can determine how you handle the division of assets and liabilities, as well as how the overall process of how the separation is managed. Depending on the type of business structure you have, here are a few things you may want to consider:
- Partnerships: In a business divorce involving a partnership, the partnership agreement can play a crucial role in determining how you and your partner divide assets and liabilities. If you and your partner do not have an agreement, the decision of how assets get split could be up to the state of Florida.
- Limited liability companies (LLCs): In a business divorce involving an LLC, operating agreements can outline how decisions are made, how profits and losses are shared, and how members can exit the business. These agreements can help simplify proceedings if they include clear terms for dissolution and buyout provisions.
- Corporations: Business divorce proceedings involving a corporation can come with additional complications. That can be due to the formal structure of a corporation and the fact that the process includes heavy involvement from shareholders. Corporate bylaws and shareholder agreements can help provide structure and guidance through the separation process by laying out how shares are transferred and how the corporation will be run after the separation is finalized.
- Joint ventures: The termination of a joint venture often involves returning to the terms outlined in a joint venture agreement. However, disputes can arise if the agreement does not adequately address the termination process or if partners have disagreements over how to complete it.
No matter what type of business you have, clear agreements and documentation are crucial in making the separation process run smoothly. We understand the legal implications of each business structure and can help individuals navigate the complexities of business divorce more effectively.
What Issues Can Arise From A Business Divorce?
There are several common issues that can arise during a business divorce. Some of those issues can include how partners will:
- Divide business assets
- Handle liability and debt-related issues
- Manage customer relationships/client contracts through the divorce
- Decide who owns and runs the organization after they split
- Determine if one partner will take part of the organization with them or if they will be severed from operations entirely
- Address issues related to noncompete concerns
- Choose a process for the business divorce, such as addressing matters inside or outside of a courtroom
While accounting for all these factors can feel overwhelming, knowing what to consider can help you prepare for what’s ahead.
What Can Business Owners Do To Prepare For A Business Divorce?
Whether you saw it coming or it came about suddenly, taking the following steps can help you prepare for a business divorce:
- Thoroughly review your business agreement: Make sure you understand what’s in it and if there are any buyout provisions.
- Gather financial records: This can include any information on business assets and liabilities, valuation or documents that are related to business taxes.
- Safeguard your intellectual property: Make sure you have a thorough understanding of who owns what ideas, processes and innovations within your business to prevent more heated disputes down the road.
- Consider any and all tax implications: Make sure you have a full understanding of what a business divorce could mean for both business and personal taxes. You may wish to consider consulting with a tax professional for these matters.
Once you gather everything you need, you can contact us with any inquiries you have about your specific situation or the process itself.
Contact QUARANTA P.A. TRIAL LAWYERS Today
To discuss your commercial litigation needs, contact our Coral Gables office by calling 786-901-5685. You can also send us an email.