Partnership Dispute Attorney
When two or more people are working together to form or operate a partnership, complications and disagreements can arise. Sometimes one or more partner may accuse each other of violating the terms of their partnership agreement.
The many issues that can arise in a partnership range from malicious to simple disagreements, and can include:
- Breach of fiduciary duty
- Incurring bad debts
- Improper payments
- Tax concerns
- Breach of contract
- Property or copyright ownership disputes
Partners may not realize how much is at stake when a dispute occurs. Assets such as a website domain name can lead to heated dissention and sometimes legal interference is needed to determine who has the legal rights to certain aspects of a company.
Resolutions of Partnership Disputes
The partnership may ultimately be dissolved, a new partner may be added, or the terms of the agreement may be altered.
A partner can be removed altogether. In many instances, though, a contract has been signed which may lead to complications with one partner leaving the venture. Some contracts protect a partner from being ousted without a certain amount of compensation, while others may include permanent arrangements, such as entitling all partners to a percentage of all future earnings.
In the event a partner has acted in self-interest at the expense of the business, there may be grounds for a claim of breach of fiduciary duty. A partner is seen as a trusted individual within the business and is expected to act in the best interest of the company. If an individual should use company information or assets for personal gain, they could face a claim of breach, which may result in negating any claim that they have over the business.
Whatever the situation, a dispute among business partners can be complex and messy. There could be many business assets and rights at stake, or even the future of the company. A Commercial Litigation Attorney can assist with ensuring that every detail is handled properly and the dispute is handled as effectively as possible.