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BUSINESS DIVORCE: PLANNING FOR WHEN BUSINESSES COME APART, PART 1 & PART 2 First Run Broadcast: June 12 & 13, 2012 1:00 p.m. E.T./12:00 p.m. C.T./11:00 a.m. M.T./10:00 a.m. P.T. (60 minutes each day)

How to fill out business divorce planning for

How to fill out business divorce planning for:

1. Assess the current situation: Begin by evaluating the current state of your business partnership. Identify any potential issues or conflicts that could arise in the event of a separation.
2. Consider legal obligations and agreements: Review any existing contracts or legal agreements that govern the partnership. This may include operating agreements, shareholder agreements, or buy-sell agreements. Understand the terms and conditions that outline how the business will be divided or dissolved.
3. Determine the value of the business: Engage in a thorough business valuation process to determine the worth of the company. This will help in determining how assets, liabilities, and debts will be divided between the partners.
4. Create a comprehensive exit plan: Develop a detailed exit strategy that outlines how the separation will occur. This includes determining who will take over the business, how assets and debts will be split, and any agreements regarding non-competition or non-solicitation.
5. Seek professional assistance: It is highly recommended to work with a skilled attorney who specializes in business divorce planning. They will guide you through the legal aspects, ensure compliance with relevant laws and regulations, and help protect your interests throughout the process.

Who needs business divorce planning for:

1. Business partners: Any individuals who are in a business partnership should consider business divorce planning. Whether it is a small enterprise or a large corporation, having a plan in place can prevent unnecessary legal battles and financial losses in case of a separation.
2. Co-founders: Co-founders of startups or businesses who have invested significant time, money, and efforts should have a business divorce plan to protect their interests. This is especially critical in situations where the partners have different visions for the future of the company.
3. Shareholders: If you hold shares in a company, particularly if it is a closely held corporation, having a business divorce plan can ensure that your investment is protected and that you have a clear path to exit or dissolve the partnership if needed.

In summary, filling out a business divorce planning involves assessing the current situation, considering legal obligations and agreements, determining the value of the business, creating a comprehensive exit plan, and seeking professional assistance. This planning is crucial for business partners, co-founders, and shareholders to safeguard their interests and ensure a smooth separation if required.

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