The end of a business partnership is a journey fraught with legal, financial, and emotional complexities. For owners of closely held corporations, LLCs, and partnerships, a “business divorce” requires a strategic, multi-disciplinary approach. I developed “Happily Business Divorced 2025,” a comprehensive seminar presented by the New Jersey Institute for Continuing…
Key Takeaways: When to Seek Judicial Dissolution of an LLC What is Judicial Dissolution? A court-ordered termination of an LLC when voluntary dissolution is not an option. When Should You Seek It? Deadlock among members preventing essential business decisions. Conflicts that make business operations impossible. Fraud, oppression, or…
Advances or capital contributions made to a limited liability company without authorization may be a source of conflict. Using unauthorized advances or capital contributions as a means to exert control may be a breach of fiduciary duty. A well-drawn operating agreement addresses how and when the owners put additional money…
Shareholder disputes in a closely held business threaten the business and personal financial interests of the owner. New Jersey law provides the owners of a closely held corporation with rights and remedies that assure access to information and the financial benefits of ownership. Closely held corporations can use effective planning…
Intangible assets are typically the most valuable possession of a closely held business, but often are poorly protected. Risk mitigation through a business bulletproofing process can protect those assets from being misappropriated. Intangible assets include customer relationships and intellectual property. I sometimes ask closely held business owners if they lock…