Tampa Business Dissolution Lawyers

For many businesses, there comes a time when the company must be dissolved. This can happen for numerous reasons, from financial struggles and market evolutions to changes in leadership. Whatever the reason, finding a skilled attorney to guide you through dissolution is essential.  

At Venerable Law, we diligently serve business owners at all stages of the business lifecycle, including the end. With one of our attorneys by your side, you can avoid pitfalls in the dissolution process and see that you fulfill all your legal obligations.  

Our attorneys possess decades of experience and take pride in being approachable and genuinely caring about all who partner with us. If you are exploring dissolution or know it is right for your business, call to consult our team about the steps ahead and the support we can offer. 

You can reach us at (813) 567-8356 or via our online contact form. Free consultations are available. We serve clients in Tampa and throughout Hillsborough County and beyond. 

Defining Business Dissolution

Business dissolution is the formal process of ending an entity's existence. It does not occur within a set timeline for all companies. Instead, the dissolution process in Florida depends on the business structure and whether it is voluntary or involuntary. 

Voluntary vs. Involuntary Dissolutions

Voluntary dissolutions occur when owners choose to wind down the business. This often happens when keeping a company going is no longer profitable or desirable. On the other hand, involuntary dissolutions typically stem from legal or regulatory issues.  

Reasons for Dissolution 

Many factors can lead to business dissolution. Some of the most common include:

• Lack of profitability: Businesses may face financial struggles, from declining sales to increased competition, making sustaining operations challenging.
• Change in ownership: Should a key leader leave a company, it can significantly impact the organization's direction and stability, potentially leading to dissolution. 
• Market evolutions: In some cases, market trends or technological advancements can render a business obsolete. 
• Legal issues: Legal disputes between shareholders or lawsuits against companies can cause irreversible damage, warranting dissolution.

It is important to note that dissolution is not always necessary. Depending on the situation, it may be possible to pursue alternative paths, such as business restructuring. You can further discuss dissolution and any options for saving your business in a free consultation at Venerable Law. 

Steps for Dissolving a Business

The dissolution process will vary depending on the business type. However, each process shares some key steps. 

These include the following: 

1. Drafting a dissolution agreement: In voluntary dissolutions, owners must agree to dissolve the company before moving forward.
2. Notifying creditors and settling debts: Before dissolving, businesses must settle all outstanding debts and make certain that creditors are aware of the dissolution.
3. Filing articles of dissolution: Corporations and LLCs must file articles of dissolution with the state. 
4. Canceling licenses and permits: Businesses must cancel any licenses or permits necessary for their operations. 
5. Distributing assets: After settling debts, any remaining assets should be distributed to shareholders according to their ownership percentage. 
6. Filing final tax returns: Businesses must file federal and state tax returns before officially dissolving.