Business Advice and General Counsel includes helping clients with formations/dissolutions of their business, drafting foundational and operational documents, buying or selling the family business, or transitioning the family business from one generation to the next.
Business owners also face a variety of legal issues every day (e.g., actions of a competitor, behaviors of an employee, state agency requirements). We will find the answers for you and help you determine the best course of action.
(1) Corporate Formation
Connecticut has several different business entity types. The main reason for forming a corporation is to limit the liability of the owners. In a sole proprietorship or partnership, the owners are personally liable for the debts and liabilities of the business and creditors can go after their personal assets to collect business debts.
(2) Corporate Dissolution
Connecticut has procedures in place for closing a business. You will need to send notice to creditors, prepare concluding resolutions, file dissolution documents with the Connecticut Secretary of State, and liquidate assets and distribute to remaining company members.