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