No business owner enters 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 corporate divorce, there are a few things you will need to take into account prior to moving forward.
Assets
First and foremost, you'll need to protect your company's assets. This includes everything from customer lists and proprietary information to physical property and cash on hand. It's important to have a clear picture of what your business owns and what your previous partner is entitled to before moving forward.
Employees
You are going to also have to think about the impact the divorce will have on your staff. In some instances, it might be necessary to let go of some staff who are loyal to your previous partner. In other instances, you may need to institute new policies or procedures to prevent potential legal issues in the future. Either way, it is important to think about how the divorce will impact your personnel and take steps to minimize any negative impact.
Customers
Another thing to take into account is the effect the divorce can have on your customers. In some cases, clients may be loyal to your previous partner and choose to take their business somewhere else. In other instances, customers could be unaware of the divorce and have no preference either way. It is important to think about how your clients will react and take actions accordingly.
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Finance
Another consideration is the financial impact of the divorce. In several cases, partners who're splitting up will also be dividing their assets (including cash). This may be a tough scenario if one partner has significantly more assets than the other. It's important to consider how the divorce will affect your company's finances and make sure you have a plan in place to stay afloat during this difficult time.
Reputation
Lastly, you'll need to consider how the divorce will affect your company's reputation. As a result of the breakup, your business might suffer reputational damage depending on how public the split is. This is something that needs to be taken into account when deciding whether or not to proceed with a company divorce.
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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.
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