New Jersey Partnership Dissolution Lawyer
Shield Yourself from Liability with Reardon Anderson, LLC
If you have plans to terminate your business partnership, it is important to follow New Jersey’s legal guidelines and completely sever yourself from responsibilities and liabilities associated with the business.
Failing to correctly submit forms or miss deadlines can result in serious consequences, but these can be avoided by meticulously following state procedures. At Reardon Anderson, LLC, our New Jersey business lawyers have more than 45 years of experience and can help your dissolution go as smoothly as possible.
We're ready to help you start a brand new chapter of your career. Call us at (732) 997-7749 to learn more.
How to Terminate a Partnership Agreement in New Jersey
Whatever your reasons for wanting to end your business partnership, there are numerous obligations you must fulfill to do so legally. Most importantly, you’ll need to review the partnership agreement you established when your company was founded. You will also have to review the options you have for a dissolution strategy, which might include changing the role each partner has, selling your share, or buying your partner’s share. If you are unable to resolve a dispute, dissolution might be your best option.
Prior to filing any paperwork, ask yourself the following question:
- Have I completed all of my agreed-upon business duties?
- What is my business worth? What am I entitled to?
- What are my business' liabilities? What do I owe?
- How will this dissolution affect our leases and loan agreements?
New Jersey does allow you to submit your partnership dissolution request online. You’ll also need to select the correct forms and submit them along with your request. These forms can be found at the NJ Department of the Treasury website. Our firm can assist you with this paperwork and ensure it is completed and submitted without error.
How to Dissolve a LLC in New Jersey
To dissolve a limited liability company (LLC) in New Jersey, you must:
- File a certificate of cancellation or dissolution with the state Division of Revenue
- Pay the required fees
- Wind up the company's remaining business
If you cease business operations but fail to dissolve, the LLC retains its obligation to file annual reports and pay taxes.
If you don't file the reports or pay the taxes, the state can revoke your LLC while the taxes, potentially along with penalties and fees, will continue to accrue until paid. In addition, the LLC may continue to remain liable to creditors.
Let Us Help You with Your Partnership Dissolution
The decision to terminate your business partnership isn’t always an easy one, but it should always be pursued carefully with a knowledgeable legal advocate by your side. Our firm is here to guide you toward an outcome you feel comfortable with and address your questions and concerns along the way.
Trust Reardon Anderson, LLC to give you the tools you need to complete Your Partnership Dissolution. Contact us today to schedule your confidential consultation.