Issues to Resolve to Ensure a Clean Break
- Will one partner continue with the business?
- Has the departing partner personally guaranteed any obligations of the business?
- Company credit card
- Office lease
- Equipment lease
- If you wish to wind up the business:
- Are there company debts and obligations that must be satisfied?
- What will happen to the company’s employees?
- What will happen with existing equipment and inventory?
- Cancel insurance
- Surrender certificate of authority to transact business
- Prepare and file a final K-1 and tax return
- Pay trade creditors
- Sell, donate, and/or distribute assets
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