Business Breakups in Virginia
While no one goes into business expecting to have to “breakup” with their business partners, it is something that all business owners should plan for, just in case. Business relationships fail for many different reasons. Business partners may have long-term disagreements, a change in leadership, or simply a desire to go in different directions. While the break up may still be hard, there are some things business owners can do to help prepare themselves for the end.
Most importantly, a strong offense is the best defense. The best strategy to avoid a bad business divorce is to have strong corporate documents (such as operating agreements and shareholder agreements) clearly outlining the rules for separation of business owners. A well-drafted agreement can help to prevent a deadlock from occurring over disagreements about how to end the relationship.
However, if you find yourself in a dispute with your business partner and you don’t have corporate documents outlining procedures to resolve the dispute, you may need to contact an attorney to assist with the breakup. An attorney can help you understand your options, such as a buyout or dissolution, and whether or not to utilize mediation.
Whether you’re just starting your business and need assistance drafting corporate documents to prevent trouble down the road or you’re already involved in a business dispute, it’s important to seek out an experienced attorney. General Counsel, P.C. attorneys have significant experience helping business owners avoid and amicably work through business breakups. Our business attorneys are experienced in corporate law and business entities and are well versed in a wide range of business dispute issues. Call General Counsel, P.C. today to see how we can help you.
You can find more information about business breakups, here.