Divorce or Dissolution Clause Samples

Divorce or Dissolution. During the pendency of divorce or entity dissolution affecting any Member, the parties thereto must adopt one of the following methods of operation: • One of the parties may, with written consent of the other(s), operate the Velovita business whereby the relinquishing spouse, shareholders, members, partners or trustee authorize Velovita to deal directly and solely with the other spouse or non-relinquishing shareholder, partner, or trustee. • The parties may continue to operate the Velovita business jointly on a business- as-usual basis, whereby all compensation paid by ▇▇▇▇▇▇▇▇ will be paid in the joint names of the Member or on the names of the entity to be divided as the parties may independently agree between themselves. • Under no circumstance will Velovita split commissions and bonus checks be- tween divorcing spouses or members of dissolving entities. Velovita will recog- nize only one (1) individual or organization and will issue only one (1) commis- sion check per Velovita business per commission cycle. Commission checks shall always be issued to the same individual or entity. In the event that parties of a divorce or dissolution proceedings are unable to resolve a dispute over the dis- position of commissions and ownership of the business, the Agreement shall be involuntarily cancelled. If a former spouse or former entity affiliate has completely relinquished all rights to his/ her original Velovita business he/she is therefore free to enroll under any enroller of his/ her choosing, so long as he/she meets the waiting period set forth by ▇▇▇▇▇▇▇▇. In such a case, however, the former spouse or party shall have no rights to any Member in his/her organization or any former Member.
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Divorce or Dissolution. ‌ During the pendency of divorce or entity dissolution, both parties must adopt one of the following methods of operation: • One of the parties may, with written consent of the other(s) and with ▇▇▇▇▇ , operate the ▇▇▇▇▇ business, agreeing to deal directly and solely with the other spouse or nonrelinquishing shareholder, partner, or trustee; or • The parties may continue to operate the ▇▇▇▇▇ business jointly on a business-as-usual basis, whereby all compensation paid by ▇▇▇▇▇ will be paid in the joint names of the distributors or in the name of the entity to be divided as the parties may independently agree between themselves. Under no circumstance will ▇▇▇▇▇ split commissions and bonus checks between divorcing spouses or members of dissolving entities. ▇▇▇▇▇ will recognize only one (1) downline organization and will issue only one (1) commission check per ▇▇▇▇▇ business per commission cycle. Commission checks shall always be issued to the same individual or entity. In the event that parties of a divorce or a dissolution proceeding are unable to resolve a dispute over the disposition of commissions and ownership of the business, the Distributor Agreement shall be involuntarily cancelled.
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Divorce or Dissolution. ‌ During the pendency of divorce or entity dissolution, both parties must adopt one of the following methods of operation: • One of the parties may, with written consent of the other(s) and with BF International , operate the BF International business, agreeing to deal directly and solely with the other spouse or no relinquishing shareholder, partner, or trustee; or • The parties may continue to operate the BF International business jointly on a business-as-usual basis, whereby all compensation paid by BF International will be paid in the joint names of the distributors or in the name of the entity to be divided as the parties may independently agree between themselves. Under no circumstance will BF International split commissions and bonus checks between divorcing spouses or members of dissolving entities. BF International will recognize only one (1) downline organization and will issue only one (1) commission check per BF International business per commission cycle. Commission checks shall always be issued to the same individual or entity. In the event that parties of a divorce or a dissolution proceeding are unable to resolve a dispute over the disposition of commissions and ownership of the business, the Distributor Agreement shall be involuntarily cancelled.
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Divorce or Dissolution. If you inform us of your pending divorce or business affiliation dissolution, we advise all parties to seek independent tax advice. You may have conflicting interests, and this agreement also serves as a conflict of interest waiver. We may not be able to advise either of you until your divorce is finalized. For example, your income tax return filing status is an item about which we will need instruction. Electing a filing status of married filing jointly establishes joint liability for taxes owed and requires that certain tax-related decisions be made prior to the preparation of income tax returns. Consequently, we will require a letter of instruction from both of your divorce attorneys identifying items needed to prepare your tax return and your agreement to same before the tax returns can be prepared. In the event that you elect to file separate tax returns, you will both be required to sign new engagement letters prior to the preparation of your returns. Unless otherwise noted, we will perform our services in accordance with the Statements on Standards for Tax Services (“SSTSs”) issued by the American Institute of Certified Public Accountants (“AICPA”) and U.S. Treasury Department Circular 230 (“Circular 230”). It is our duty to perform services with the same standard of care that a reasonable income tax preparer would exercise in this type of engagement. It is your responsibility to safeguard your assets and maintain accurate records pertaining to transactions. We will not hold your property in trust for you, or otherwise accept fiduciary duties in the performance of the engagement. We will prepare the returns using the appropriate Forms (1120S, 1120, 1065, 1041) for business and trust returns as directed by you. Filing status for Individual tax returns will be based upon prior year filing status (single, married filing jointly, married filing separately, head of household or qualifying widow[er] with dependent child). If your filing status has changed, you wish to change your filing status, or you have questions about your filing status, please contact us immediately. *Confidentiality If consulting or tax returns prepared in connection with this engagement are joint or filed using the married filing jointly filing status, both spouses are deemed to be clients of the firm under the terms of this agreement. Both individuals acknowledge that there is no expectation of privacy from the other concerning our services in connection with this agreement. We ar...
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Related to Divorce or Dissolution

  • Liquidation or Dissolution In the event the Company is liquidated or dissolved, the assets of the Company shall be distributed to the Members in accordance with the provisions of Section 11.

  • Early Dissolution 33 Section 9.03. Termination..................................................................................33 Section 9.04. Liquidation..................................................................................33 Section 9.05. Mergers, Consolidations, Amalgamations or Replacements of the Trust..........................35 ARTICLE X

  • Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner (a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General Partner. (b) Following the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement, a substitute General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement.

  • No Dissolution Except as required by the Act, the Partnership shall not be dissolved by the admission of additional Partners or withdrawal of Partners in accordance with the terms of this Agreement. The Partnership may be dissolved, liquidated wound up and terminated only pursuant to the provisions of this Article IX, and the Partners hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets.

  • Dissolution The Company shall dissolve, and its affairs shall be wound up, upon the first to occur of the following: (a) the written consent of the Member or (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act.