When a marriage dissolves, spouses can expect to have disagreements regarding child custody and the division of assets. Like a spousal union, a business partnership involves various rules and regulations that the partners must deal with in the event that the partnership breaks apart.
Here are some of the things that business owners should expect after a business partner breakup in New Jersey.
Just as spouses going through a divorce must find a way to split their marital assets, business partners have to find a way to equitably divide their business assets after they decide to split their shared organization. Ideally, partners thought about the terms of division beforehand, but if not, then the business owners may need to consult a third party to assist with the distribution of assets.
Sometimes, business partners go their separate ways due to an incompatibility of working styles rather than not wanting to run a business anymore. In these cases, there will need to be a discussion about whether one of the partners will continue to run the business, and, if so, who will do so. Other options include selling the business outright or keeping some stake in the business but letting someone else take over its ownership and management.
It can be a tough decision to dissolve a business partnership. Partners often have a personal friendship with each other, adding to the complexity of the situation. However, partners can make better decisions when they know what to expect from a business breakup.
