Often when businesses or companies are owned by more than one party, a dissolution may occur. One party may retire or perhaps part ways from the business or company. This leaves the business in dissolution and requires the parties to assess the value of the business to best determine how to split the assets.
An appraisal is needed in this case. An appraisal will give an accurate and unbiased value of the building, land, and other real property. That way either the staying partner can buy out the leaving partner’s part of the business, or the property can be divided and distributed as necessary in case of a business closure. If a court of law is involved, having an appraisal will be helpful for the judge to make a decision, and the appraisal may remove roadblocks that arise during the proceedings.