Whenever two or more people engage in a business as co-owners, a partnership is created.
As in any venture, disputes sometimes occur. Disagreements can be personal or business related, and may result in extensive litigation and/or dissolution of the partnership.
Common issues include personality conflicts, accusations of mismanagement, confusion over authority, scope of fiduciary duties, disagreements over the use of funds, and disputes over business goals.
In the worst cases, the business collapses and is left in financial ruins, leaving owners with unresolved debts and employees without jobs. However, there are solutions that may not damage the entire business. Quicker resolutions may allow the business to continue normal operation.
The best way to encourage prompt dispute resolution is to create a well-drafted partnership agreement that addresses key issues. Our transactional attorneys are experienced in drafting such agreements, including provisions regarding the operating and financial responsibilities of each partner, the decision-making process, and dissolution of the partnership.
Even with partnership agreements, litigation often arises, however. Our team of litigation attorneys are experienced in bench and jury trials, arbitration, and mediation. More importantly, our attorneys know how to negotiate amicably to resolve issues without litigation, which will drive up costs for all parties involved.
If you are interested in business law or would like to ensure your partnership is structured to avoid costly disputes, please do not hesitate to contact one of our knowledgeable attorneys EPGD Business Law is located in beautiful Coral Gables and historic Washington D.C. Call us at (786) 837-6787 or contact us through the website to schedule a consultation.
*Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.
Contacting us through our website does not establish an attorney-client relationship.*