When a business, partnership, or corporation is ending, there are often disputes between partners or shareholders that are the cause. When terminating a business relationship, there are many things to deal with including allocating available assets, paying off debts and handling liabilities, and sometimes dealing with fraudulent activities that a business partner may be involved in. We can assist you in every step of the way during the dissolution of a business.
In Mississippi, shareholders of small, closely held businesses owe a heightened duty to their fellow shareholders to act in good faith. They also owe a duty not to individually take advantage of, or “USURP” opportunities which should first have been presented to the corporation.
An Ounce of Prevention
When drafting your shareholder agreement or other business entity documents, plan ahead for potential disputes and/or dissolution of the business/partnership. A well-drafted buy-sell agreement or shareholder agreement will spell out how these are handled, helping to ease the process.
Contact us when business disputes arise and you need assistance with the process of dissolving your business.