How Divorce Affects Joint Business Ventures

Divorce Affects Joint Business Ventures

Legal Considerations for Divorce Lawyers in Toronto, Ontario

Business Structure and Ownership

Types of Business Entities

  1. Partnerships: In a partnership, the business is co-owned by two or more individuals. During a divorce, each partner’s share of the business must be evaluated and divided accordingly.
  2. Limited Liability Companies (LLCs): LLCs offer flexibility in ownership and protect personal assets from business liabilities. However, the valuation and division of an LLC during a divorce can be complex.
  3. Corporations: Corporations are separate legal entities from their owners, which can complicate the division of shares and interests during divorce proceedings.