Legal

How To Dissolve a Business Partnership: Legal Reasons #57

Everything eventually comes to an end. For a business partnership, that end can come because of a dispute, a retirement, a death or simply because the partners wish to re-form their business as a limited liability corporation. Regardless, business partners need legal representation to ensure that their rights and financial interests are protected throughout the dissolution process.

Partnership Dissolution Requirements under California Law

The California Revised Uniform Partnership Act (RUPA) sets the rules for partnership dissolution. All dissolving California partnerships have three basic legal obligations:

  • A statement of dissolution must be filed;
  • All affected parties must be adequately notified, this includes creditors, suppliers and in many cases even the customers; and
  • Legal notice must be published and circulated for at least 12 business days.

Ultimately, these requirements are meant to ensure that partnerships are not dissolved in secret, thereby leaving affected parties in the dark. An experienced business dissolution attorney can make sure that you meet all of these basic legal requirements.

Dissolving a Partnership on Disputed Terms

The partnership dissolution process may not be too difficult when a partnership ends amicably. But, unfortunately, disputes sometimes arise. If you are ending a partnership on disputed terms, an attorney is especially vital. Important considerations include:

  • The partnership agreement: A well drafted partnership agreement should contain provisions for disputes and dissolution. It will likely establish your rights and your responsibilities as a dissolving partner. If the provisions are not clear, or you believe that your partner has not fulfilled their legal obligations, you should contact an experienced partnership dispute attorney immediately.
  • Understand your duties: You should perform all of the duties obligated under the partnership agreement. Do not leave any loose ends. It will be more difficult to dissolve the partnership if there is still unfinished business. Even more important, in the case of a dispute, the resolution will likely be much less favorable for you if you have unfulfilled duties.
  • Know the value of the partnership: You need to have a clear picture of the value of your partnership. This includes all of the assets and all of the liabilities. An adequate business valuation should be comprehensively and extremely detailed. You deserve to receive your fair share from the partnership, and the first step is knowing the precise value. This allows you to negotiate from a position of strength.
Food For Thought, Inpsiration, Journal

Resistance is Futile!

These past few days, I’ve noticed a nasty habit of mine. It was sobering, and made me realize that  I’ve made some of my work and my relationships a lot harder than they needed to be. It hit me that lately, I jump the gun and interrupt another while they are finishing their thought. Usually, my interruption is negative or based on what I think they are saying even though they are not finished saying it.

Not only has that caused tension, but it also made communicating with me tougher all because I couldn’t take the time to be present, really listen to their request or statement, and then respond.

An honest friend just asked me what’s up with that when I admitted to my bad habit. And the first thing that came up was fear. Fear of being sidetracked, of being wrong, of more work I couldn’t do, of being overwhelmed, of letting others down, of not being able to get to all my commitments to others and myself. Fear, fear, fear.  Just drowning in that emotion when all it took was taking a moment, breathe it in, be present, listen and then shift into being open to their words.

It’s sobering to realize that as much as I am proud of what I have accomplished, this tendency of mine to resist not only damages my relationships, it pushes me back.  My intent going forward is to take a moment, let the person finish their thought, summarize what I heard or understood, and then respond after I shift. It’s not going to be easy to drown out the fear, but it’s worth it if I don’t want to lose relationships and move forward in life.

family law, Legal

How Long Will It Take to Get a Divorce?Legal Reasons #56

The biggest factor in determining how long a divorce process lasts is the level of cooperation that can be expected, a divorce proceeding can take between six to eighteen months to be resolved. If the divorce is high-conflict with lots of different issues involved, then the proceedings can take as long as five years to be resolved. Simple cases where no children are involved and there is little conflict between spouses can be resolved in as few as six months.

Beyond that explanation, this becomes a complicated question to answer. First, California has a 6 month waiting period, which begins from the time a divorce has “begun” to the first date at which a divorce can become “final.” This is the earliest date on which a married couple can be returned to a status of “single.” But that does not mean that the agreements encompassed in a divorce need to wait that long. Agreements can be reached and documents can be prepared formalizing the divorce agreement. With the proper help and formalities, the documents can even be filed with the court before the 6 month waiting period has lapsed. Then you simply wait for the minimum waiting period to pass.

CAN MY SPOUSE STOP ME FROM GETTING A DIVORCE?

No. California is a “No Fault” state, which means that either spouse may file for divorce at any time, for any reason. If the other spouse does not wish to proceed with divorce proceedings and ignores the petition filed in court, then the filing party can take steps to obtain a default judgment of dissolution of marriage.

Family, Food For Thought, Inpsiration, Journal

A Working Weekend

I never thought working 7 days in a row would be something I would appreciate but then it hit me that you have to consider it work or something not enjoyable to feel tired. To be fair. I had on different hats this week. From acting Regional Manager to Vice President of the Artesia Chamber of Commerce and then finally working on legal matters for my clients for the Law offices of Sanjay Sabarwal, these all could be seen as work or an expression of my passion to be in contribution.

Over and over, it comes back to me that when I am in service, it’s doesn’t feel like work. However, it also has to act as a battery charger for my soul, and I also have to remember to engage in self-care such as working out, meditating, writing, and spending time with my loved ones. When I work on my soul, my heart expands. It is easy to lose sight of my why sometimes, but it’s usually not because of tiredness but fear of doing things I am not comfortable doing (like interacting with businesses, working the front desk, or handling new legal issues).

It’s easy to do a 9 to 5 job, or even just take Ziba for granted and act as an absentee owner, but more engaging and rewarding when I dig into the weeds in all aspects of my life. So although I worked, in a way, I didn’t.

Legal

Dissolving a Business Partnership: Legal Reasons #55

Business partnerships, like all things, eventually come to an end. Some of these agreements simply reach a natural end with the conclusion of a particular deal or project. Others terminate upon the death of one of the partners or because of a dispute between the partners. Still others may end because the partners decide that it would be more advantageous for them to reform as a corporation or a limited liability company. If any of these circumstances apply to your situation, then it may be necessary to contact an attorney who has knowledge of dissolving a business partnership in California.

California law imposes conditions on dissolving business partnerships. Most of these conditions relate to making the dissolution publicly known so that concerned parties are informed about the change in circumstances. For instance, the California Revised Uniform Partnership Act specifies that legal notice of the dissolution must be advertised for at least 12 business days. Suppliers, creditors, and other concerned parties are also entitled to direct notice according to the law. It’s also essential for dissolution paperwork to be filed with the state and the Internal Revenue Service.

When partners become embroiled in a dispute, they’ll need an experienced attorney to closely interpret the terms of the original partnership agreement. This agreement should contain guidelines for terminating the partnership, and it’s only fair to ensure that all parties abide by these rules. On the other hand, if the agreement was not well drafted or does not contain sufficient explanations of how to dissolve the partnership, then it’s necessary to rely on the knowledge and experience of a California business attorney to help fill in the blanks based on California law and the intent of the partners. Frequently, lawyers can negotiate a dissolution that is equitable for all parties in accordance with the duties and responsibilities that are outlined in the original partnership agreement.

Family, Food For Thought, Inpsiration, Journal

Another Weekend or Was it?

Yet another surreal weekend. Saturday, I got the chance to experience a celebration for someone who truly epitomized love and compassion. His passing was met with words about he lived his life to the fullest, reminding me of Papa, and being hit with gratitude so all the beautiful blessings as people who had entered my life. As I listened, I could not help offering thanks to the Universe for allowing me so much time with loved ones. My cousin’s father in law made me feel special each time I met him. His genuine curiosity about me each time we met left a lasting impression, and it became apparent that he did that for anyone that crossed his path. I hope one day to reach even ten percent of that generosity in humanity.

It could not be a coincidence that same Saturday, I ended the day with special friends where we laughed till our stomachs hurt, and got a chance to reconnect after a long time. It made me even more special to take a moment to acknowledge that to myself and to them. It’s moments like these that I remember rather than wallowing in the negative.

More and more, I believe life is a celebration, and I need to take any time given to me to enjoy what I have not what I missed out on or don’t have. Regret is a fool’s game because it serves no other purpose than to focus on things you cannot change rather than on what you can.

Happy monday!

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