Maturity and Exit

Businesses open and close all the time. The U.S. Small Business Administration reports that between March 2021 and March 2022 about 1.2 million small businesses opened and approximately 834,000 closed. If you’re faced with closing your Limited Liability Company...

As difficult as it may be to make the decision to close a business, things can become even more challenging if a business’s owners don’t tie up all the loose ends. If you’re thinking of closing your corporation by year-end, realize that there’s more to the process...

If you’re thinking of closing your LLC before the year ends, you may be feeling overwhelmed. And you are probably wondering what you must do to exit the business without leaving any loose ends behind. Indeed, there is more to shutting down a business than merely...

Someone once told me that a true sign of a successful entrepreneur is the ability to know when it’s time to throw in the towel and move on. One failed business doesn’t define an entrepreneur. Plus, when one door closes, another usually opens. Closing a business...

Deciding to sell a business you’ve worked hard to start and build is seldom an easy or hastily made decision, but the truth is that it happens all the time for a variety of reasons. Why would anyone want to sell something they’ve created? Maybe you are a serial...

Just like life, running a business has its share of ups, downs, and surprises, which is why there are many different reasons why business owners may want to dissolve their LLC or Corporation. Dissolution, the act of formally dissolving (closing) a business entity...

If you’re planning to close your business—either close it altogether or close it in one state and move it to another—there’s a process you must follow. The exact requirements and process can vary depending on your entity type, state, location in the state, the...

It has been a rough few years for businesses across the country, but especially so for small businesses. From COVID-19 to inflation, companies of all sizes have had to close some or many of their locations. Whether you’ve had to close down entirely or shutter...

Owning a small business is the American dream. But sometimes, despite all the hard work, that dream turns into a nightmare and businesses don’t make it. Understanding why small businesses fail can be as crucial as knowing the secrets of those that succeed. Being...

In the world of entrepreneurship, change comes in many forms and it is inevitable. People who were once robustly passionate about their business endeavors may find new opportunities or face life situations that lead them to focus on other priorities. What can you...

There are many reasons why you'd want to terminate a partnership agreement. The goals of one or both partners have changed, your working styles are incompatible, or there are fundamental disagreements about business operations and decisions. Whatever the reason,...

Sometimes business partnerships just don’t work out. Whether it’s due to disagreements or because one partner wants to pursue other opportunities, it’s essential to know what your options are when it’s time to split up a partnership. One common scenario is when one...

Since a Limited Liability Company (LLC) can have one owner or an unlimited number of members, it’s not uncommon for an LLC to experience the death of one of its members. When that occurs, what happens to the ownership of the LLC? First, let’s define some important...

How many small business owners think about retirement when starting their businesses? Not many, which is understandable since all efforts are generally focused on growing the business, not leaving the company. However, at some point, all entrepreneurs want to know...

Deciding to close a business that you’ve put your blood, sweat, and tears into can be an emotional experience. That’s especially true of entrepreneurs who have operated as sole proprietorships or partnerships. Essentially, they become “one” with their companies,...

Some limited liability companies undergo ownership changes as their businesses evolve. Members may come or go — either voluntarily or involuntarily — for a variety of reasons. So how do you remove a member of an LLC? Well, that depends! Different circumstances can...

You're not the first owner to consider closing down a business and you certainly won't be the last. But it is a big decision and one that should be taken lightly. Regardless of your final decision, you need to prepare yourself for the necessary steps involved in...