Reib Law January 2019

MAKE A CLEAN BREAK

THE PROPER STEPS FOR DISSOLVING YOUR BUSINESS

effect within 90 days. If there’s no partnership agreement in place, partners can try to work out the terms of dissolution together. If that doesn’t work, they may need to turn to a mediator and an attorney. A strong partnership agreement addresses dissolution so that partners can have peace of mind as they set out to do business together. Most agreements will contain agreed upon duties that each partner needs to complete before dissolution can happen, ensuring that one partner isn’t left with all the responsibilities of the business if the other leaves. They’ll also address percentage of ownership for each partner, making it clear how assets and liabilities would be distributed should one partner leave. Binding documents involved with the business, like leases, contracts, or loan agreements, can come into play and should be considered in the agreement and reviewed prior to dissolution. The best time to establish a partnership agreement is as soon as you enter the business partnership. The next best time is now. Give Reib Law a call. We can help you create a secure partnership that addresses the unexpected turns life may bring.

Ben has a child with special needs, and he’s decided to step away from his business so he can focus on his family. He’s ready to exit or dissolve the partnership, and he and his business partner, Greg, have come to an amicable agreement about the dissolution. But as Ben and Greg look back over their partnership agreement, they realize they never put the terms for dissolution into writing. Even worse, their agreement makes it difficult for Ben to step away from his responsibilities in the business.

It’s an unfortunate situation we often see. One partner needs to step away from the business, but because a partnership is either not in place or doesn’t address dissolution, they can’t make a clean break. The dissolution of a business partnership is a legal matter governed by state law. In most cases, businesses can file for dissolution through their local government, and it goes into

PEANUT BUTTER AND BERRY FRENCH TOAST

INGREDIENTS

• 2 cups cornflakes • 2 tablespoons unsalted butter • 2 cups mixed berries • Powdered sugar, to sprinkle • Maple syrup, for serving

1. On a large baking sheet lined with wax paper, place 4 slices of brioche and spread 1 tablespoon of peanut butter on each. Cover with remaining slices, creating sandwiches. 2. In a pie plate, beat eggs with cream and vanilla. In another, coarsely crush the cornflakes. 3. Lightly soak sandwiches in the • 8 slices brioche, 1/2-inch thick • 1/4 cup creamy peanut butter • 2 large eggs • 1/8 cup heavy cream • 2 teaspoons pure vanilla extract DIRECTIONS

5 PROVEN STRATEGIES TO SHATTERPROOF YOUR BUSINESS. Fact: 1 in 3 businesses have been hit with a lawsuit or have been threatened with a lawsuit over the past three years. This book lays out five Proven Strategies that, when implemented properly, will absolutely protect you and your hard-earned assets from any would-be legal action. Visit scottreib.com to order your copy today!

4. In a large skillet over medium heat, melt 1 tablespoon butter. Once melted and up to temperature, add sandwiches, cooking on one side until golden and crisp, about 2–3 minutes. 5. Return sandwiches to baking sheet, add remaining butter, and repeat on other side. 6. Top sandwiches with berries, sprinkle with powdered sugar, and serve with maple syrup.

egg mixture, then dredge in cornflakes, pressing to adhere. Return to baking sheet.

Inspired by Delish

| 3 940.591.0600

www.reiblaw.com

Made with FlippingBook flipbook maker