Business Divorce

In a business divorce – a breakup of a business entity’s owners — we work with the owners of closely held enterprises to disentangle their interests from their partners’ when they decide that working together in partnership is no longer possible.  A business divorce can be just as complex and emotionally difficult as the end of a marriage, especially when friends or family members are involved.  At Firestone Law, our objective is to protect your financial and business interests, while recognizing and dealing with the emotional issues involved.

When the business divorce cannot be handled privately, we are ready, willing and able to represent our clients in litigation or arbitration, if that proves necessary.

We help businesspeople deal with a wide range of issues involved in dissolution, including everything from temporary restraining orders and preliminary or permanent injunctions, to termination of employment of shareholders, to valuation proceedings and negotiated buyouts.

However we structure the business separation, and regardless of whether our client is the departing owner or the remaining owner, our aim is to reach an outcome that will achieve our client’s business and personal objectives.

We have represented:

  • A party in the break-up of a business partnership that owned and developed multiple properties in Brooklyn for which we successfully negotiated resolution where each party divided buildings between them
  • A party in the break-up of a business partnership that owned multiple properties in Manhattan for which we successfully negotiated resolution whereby the client received multiple co-op units in return for his partnership interest
  • A party in a break-up of a business partnership that owned a film production company for which we successfully negotiated the buyout of the other side so our client was able to keep the business
  • A shareholder/employee in connection with his resignation from a family-owned manufacturing business and the subsequent purchase of his shares by the company
  • A majority owner of a corporation in connection with the buyout of a shareholder for which we successfully negotiated a purchase price and separation agreement
  • A 50% owner of a limited liability company in connection with her desire to divest her interest, for which we successfully negotiated her buyout and separation agreement
  • A 50% owner in a judicial proceeding to dissolve a limited liability company on the grounds that the company could not achieve its purpose and member deadlock