The adage "nothing is forever" applies readily to all manner of relationships, and business partnerships are no exception. The term "business divorce" fits particularly well when referring to a breakup of business partners because the emotions one may experience during such an event are often similar to those felt during a marital dissolution, including disappointment, betrayal, shock, sadness, and anger.
United StatesLitigation, Mediation & Arbitration
The adage "nothing is forever" applies readily to all
manner of relationships, and business partnerships are no
exception. The term "business divorce" fits particularly
well when referring to a breakup of business partners because the
emotions one may experience during such an event are often similar
to those felt during a marital dissolution, including
disappointment, betrayal, shock, sadness, and anger. Additionally,
just as there is a legal process to bring a marriage to an end,
there is a process to dissolve business relationships.
Every business owner has certain rights and responsibilities
when it is time for them to separate from their partners. Those
rights and responsibilities differ depending on the type of
business entity in question. The dissolution of an LLC or
partnership is often heavily reliant on the governing document
(operating or partnership agreement), whereas the end of a
corporation is carefully regulated by state law.
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