Business Lawyers for the Dissolution of Your Company
Helping Ohio businesses dissolve smoothly and efficiently through effective legal counsel
Whatever type of business entity you have, you must close down your business legally if you want to move forward. Legal dissolution is necessary to avoid the need to file and pay future tax returns and annual license fees. A smooth dissolution also needs to address employment contracts, ownership interests, vendor relationships, and many other business concerns.
At Gertsburg Licata we advise clients on tax requirements and other legal issues. In many cases, the path to dissolution is clear. In other cases, serious issues may need to be addressed. Our Cleveland business dissolution attorneys understand the legal and practical ramifications when businesses dissolve. Our advice extends to both nonprofit and for-profit companies. We have experience handling friendly, consensual and contested or forced dissolutions.
Common business dissolution issues
Some of the common dissolution issues our business dissolution lawyers handle are:
- How the equity interests are valued
- What is to be done with the inventory, equipment, and other assets
- Who is responsible for outstanding debts
- Whether any of the owners are going to start a new comparable business
- What to do about shareholder disputes
- How to resolve breach of contract issues
- What is to be done with outstanding real estate leases
We also address who will control any intellectual property.
Our lawyers work to protect the individuals, guarantors, and families, as well as the businesses, as long as there is no conflict of interest. Many times, for example, a business is forced to dissolve because a controlling or key member of the company dies. The heirs of that individual may need legal counsel as well as the other owners and the business entity itself.
Types of taxes that need to be addressed
Before a business entity in Ohio can dissolve, it needs to file current tax returns and payments for the taxes that may apply, such as:
- State income tax
- Sales and use tax
- Corporate franchise tax
- Employer withholding taxes
- School district employer withholding tax
- Commercial activity tax
- Excise and energy tax
There may be a duty to make filings and/or payments at the federal level as well.
Review your dissolution with Cleveland business law attorneys
At Gertsburg Licata, we can assist you to thoughtfully prepare for and complete a dissolution. The more issues that can be addressed in advance, the smoother the dissolution process will go. When businesses fail to take the necessary precautionary steps, our business dissolution lawyers have the experience you need to resolve issues that arise. For help now, please call our firm at 216-573-6000 or complete our contact form. An experienced attorney is ready to help you through this process.