Navigating A New Jersey Business Divorce
Many businesses run on partnerships or joint ventures that allow business owners to share responsibilities and decision-making. However, sometimes business partnerships turn sour. Partners fail to meet eye-to-eye on important issues or are unable to resolve their disputes through typical methods such as mediation. When business partners or shareholders reach an impasse, it may be time to dissolve the partnership altogether. This is often known as a business divorce.
At Shafron Law Group, LLC, we understand how complicated business divorces can be as they often overlap between the personal and professional aspects of your life. Business partners are often good friends, and ending a partnership can be tough, even if you believe it’s the right thing to do to protect your business. We help Hackensack business owners navigate this process and find a way to achieve a fair resolution.
What Often Leads To A Business Divorce?
Business divorces can impact all types of business entities, including partnerships, LLCs and corporations. If you or your business partner, shareholder or LLC member no longer believe you can continue to work together effectively, it might be time to end the partnership. However, this doesn’t always mean the end of the business. Our goal is to help protect your company’s interests so that you can continue your daily operations.
There are many factors that can contribute to a business divorce. The most common reasons include:
- Unequal contributions: Business partnerships usually help balance roles and responsibilities between two people. However, if one party is doing significantly more work than the other, it can often lead to feelings of resentment, which can cause tension or disputes between partners.
- Strategic differences: General disagreements between partners regarding the future of a company are normal and even healthy. However, when partners no longer align in their main vision for the company’s goals and values, it can cause a rift in the teamwork. If one partner doesn’t agree with the direction the other partner wants to take the business, it may lead to a business divorce.
- Financial issues: Conflicts regarding how the company’s finances are handled can often cause partnerships to dissolve. Money-related issues such as profit distribution or payroll are important to any business and not being on the same page regarding these decisions can cause trouble.
- Personal circumstances: In many cases, business partnerships end due to factors occurring outside of the business such as a marital divorce, a death in the family, or an illness. Even a general loss of interest in the company itself may lead to a dissolving partnership.
Many other issues can cause a business partnership to dissolve such as dishonesty between partners or irresponsible actions and behaviors. No matter the reason, ending a business partnership can be complex and requires a thorough consideration of a company’s assets, liabilities and overall responsibilities.
Experienced Business Divorce Lawyers You Can Trust
With over 30 years of experience working with business clients throughout New Jersey, our lawyers at Shafron Law Group, LLC, offer the guidance and legal support you need during a business divorce. This is not an easy situation for any business owner to be in, and we understand you’re concerned that this will impact the future of your company. Our goal is to help you with creative solutions to secure a positive outcome. Whether that’s through negotiating an agreement with your partner or taking your case to court, we will prioritize your goals and your company’s interests every step of the way.
Call Us For An Evaluation Today
If you’re facing a New Jersey business divorce and you’re not sure what next steps to take, we can help. Shafron Law Group, LLC, is skilled at creating personalized and sophisticated legal solutions for all types of business law matters, including business divorce.
Contact our firm at 201-343-7200 to schedule a consultation regarding your specific issues or email us online at your convenience.