Guiding Your Business Dissolution in New Jersey
Trusted Legal Support in Monmouth County
Business dissolution is a complex, multi-step process that involves legally ending the existence of your company. It is not as simple as closing your doors and walking away. There are legal and financial obligations that need to be met to prevent future liability.
At Reardon Anderson, LLC, we represent a broad range of clients and businesses and provide unparalleled legal counsel tailored to their needs. Our lawyers engage in a collaborative approach with our clients by consulting with their industry-specific knowledge as a resource.
Our New Jersey business dissolution attorneys can help you pursue business dissolution and obtain the most optimal result. Call Reardon Anderson, LLC at (732) 997-7749.
Understanding Business Dissolution in NJ
Business dissolution refers to the formal process of closing and removing a business from the state's records. This process involves several steps, such as settling debts, distributing remaining assets among the owners, and filing necessary paperwork with the state.
New Jersey's Business Dissolution Procedures
The laws governing business dissolution vary between states. In New Jersey, businesses must file a Certificate of Dissolution with the Secretary of State to officially end their business.
According to NJ Statute 14A:12-1, corporations must undertake a similar process, including adopting a resolution to dissolve, settling liabilities, distributing assets, and filing a Certificate of Dissolution with the Division of Revenue and Enterprise Services.
The Importance of Legal Guidance During Dissolution
The process of business dissolution is complex and involves many legal considerations. An attorney can guide you through the process, ensuring all obligations are met, and potential liabilities are minimized. They can assist in drafting necessary documents, negotiating with creditors, and dealing with any lawsuits that may arise during dissolution.
Common Reasons for Dissolving a Business
There are several reasons why a business owner might choose to dissolve their business:
- Retirement or Death: The owner may wish to retire or may have passed away, necessitating the dissolution of the business.
- Bankruptcy: The business may no longer be financially viable, making dissolution the best option.
- Disputes: Disagreements between owners can sometimes only be resolved through dissolution.
- Change in Market Conditions: Changes in the economy or industry can make a business unprofitable, leading to dissolution.
Dissolving a business is a complex process that requires careful planning and legal guidance. If you are a business owner in NJ, you must consult with a qualified attorney about your options.
Reardon Anderson, LLC is dedicated to ensuring that our clients can do the most optimal thing for their businesses. We have extensive experience with a variety of business law matters, from business formation to dissolution and litigation.
When you need experienced legal advocates, contact our New Jersey business dissolution attorneys at Reardon Anderson, LLC.
