No company owner enters right into a partnership expecting it to end in divorce. But sometimes, despite the best of intentions, business partnerships do sour. If you find yourself amid a company divorce, there are a few things you'll have to consider before moving forward.
Assets
Firstly, you will need to safeguard your company's assets. This includes everything from client lists and proprietary information to physical property and cash on hand. It is important to have a clear picture of what your company owns and what your former partner is entitled to before moving forward.
Employees
You are going to also have to take into account the impact the divorce could have on your personnel. In some instances, it might be necessary to let go of some staff who are faithful to your previous partner. In other cases, you may need to institute new policies or procedures to prevent possible legal issues down the road. Either way, it's important to consider how the divorce will impact your staff and take steps to minimize any negative impact.
Customers
Another thing to think about is the effect the divorce will have on your clients. In some instances, customers might be loyal to your former partner and decide to take their business elsewhere. In other instances, clients may be unaware of the divorce and have no preference either way. It is vital to think about how your customers will respond and take steps accordingly.
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Finance
Another consideration is the financial impact of the divorce. In several cases, partners who are splitting up will also be dividing their assets (such as cash). This can be a hard situation if one partner has significantly more assets than the other. It is vital to think about how the divorce will affect your company's finances and be sure you have a plan in place to stay afloat during this difficult time.
Reputation
Lastly, you'll need to think about how the divorce will impact your company's reputation. As a result of the breakup, your company may suffer reputational damage depending on how public the break up is. This is something that needs to be taken into consideration when deciding whether or not to proceed with a company divorce.
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Raich Law - Business Lawyer Las Vegas
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Raich Law Business Lawyer Las Vegas is the best choice for your business and corporate law needs. We have business lawyers in Nevada and California, so we can serve clients who are or plan to do business in either state. From negotiations to business sales, general counsel, and commercial litigation, we have reliable finance and business attorneys who you can consult with before you sign into a contract or buy a new company.
If you’re looking for lawyers who care about their clients’ success, contact us today. You won't find another law firm like ours with our level of service when it comes to helping businesses succeed. Let us be the ones to take care of all your legal needs so you can focus on what really matters - running your business!