Business Dissolution Attorneys in Richland County
Columbia, SC lawyers devise business exit strategies
Closing a business isn’t just a matter of notifying customers and closing accounts. There are formal and often complex steps to take to assure a clean break. The attorneys at Montgomery Willard, LLC in Columbia, have decades of experience helping business owners in Richland County and throughout South Carolina develop exit strategies to achieve smooth dissolutions, no matter the company size.
Reasons that businesses are dissolved
Business dissolutions can be voluntary or involuntary. Voluntary reasons could include the business owner retiring or deciding to pursue a new venture, or the business no longer being profitable. Involuntary reasons can be administrative or judicial. An administrative dissolution may be ordered if franchise taxes go unpaid or a corporation lacks a registered agent in the state. Judicial dissolutions can be due to legal disputes or fraud, illegal actions or other misconduct on the part of owners, officers or directors. We can guide you through a voluntary dissolution and counsel you if a dissolution is involuntary. In some cases, administrative and judicial dissolutions can be averted if issues leading to them are corrected within appropriate timeframes.
ABCs of business dissolution in South Carolina
Shutting down a company requires a carefully constructed plan, taking into account such things as asset distribution and liquidation, debt and final tax settlement, employee termination, customer and supplier notifications, license closures and state filings. The specific legal procedures and filings for dissolving a company in South Carolina are based on its structure. For example, a corporation will have a much more formal closing process than a sole proprietorship. We will help you develop an exit strategy that is customized to your particular business and goals and fully complies with South Carolina law.
Considerations in navigating the business dissolution process
There are numerous areas to consider when closing a business in South Carolina. They include:
- Gaining shareholder, membership or partnership approvals depending on entity structure
- Informing employees about the closure and ensuring compliance with state and federal employee laws
- Reviewing contracts to understand and comply with contractual obligations
- Notifying creditors, customers, suppliers and vendors
- Paying debts and resolving tax obligations
- Completing filing requirements with the state
- Closing credit card and bank accounts
You may have additional responsibilities to fulfill in properly dissolving your business. Our business attorneys will guide you throughout the process to ensure that nothing is overlooked.
Possible consequences of not properly closing a business
Poorly developed exit strategies can lead to serious problems when trying to dissolve businesses. Consequences can include contract disputes, partnership disputes, shareholder non-approval of the closure, financial and tax issues, personal liabilities, reputational damage, and fines and penalties for regulatory noncompliance. As business lawyers with more than 100 years of combined experience, we have the knowledge necessary to ensure that the closing of your company goes smoothly and is in accordance with all state and federal laws.
Contact our Richland County attorneys for help dissolving your business
At Montgomery Willard, LLC in Columbia, our knowledgeable lawyers help companies smoothly shut their doors in compliance with South Carolina business dissolution regulations. To get help, call 803-470-0722 or contact us online to arrange a consultation.
