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Can I Dissolve My New Jersey Business?

Yes. But the steps that need to be taken and the factors to be evaluated will depend on:

  1. Whether or not you have business partners / shareholders / members;
  2. Whether or not your business partners are in agreement as to dissolution; and
  3. The purpose for which you are seeking dissolution, i.e., do you seek dissolution because the business is not profitable or because you want to get rid of partners?

The answers to these questions will determine the appropriate course of action. If you have no partners then dissolution should be a simple matter that requires basic consultation with your business lawyer. However, if dissolution is sought by you or your business partners as a threat or method to undo a partnership, then you mush carefully review your options, legal rights and legal obligations. Far too often dissolution is the first salvo in a partnership or shareholder dispute and, many times, this action backfires.

Charles Internicola

by Charles Internicola
National Business and Franchise Lawyer

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