Although it might have been an exciting and agreeable time when you decided to work with a partner to establish a business or another kind of venture, this partnership or relationship can deteriorate over time and evolve into a serious partnership dispute.
A partnership dispute happens when two individuals in business together elect to dissolve their partnership as a result of differing opinions or goals. Partnership disputes can drive a wedge between you and your business partner, not to mention generate a lot of confusion and costly expenses associated with dissolving the relationship.
Read on to learn about some of the different situations that can prompt a partnership dispute.
Common Partnership Disputes
Partnership disputes can be instigated by a number of factors, which can include:
- Decreasing revenue
- Differences in business or management style and practices
- Differing opinions over the business direction
- Arguments over profits
- Insufficient partnership agreements
- Complications with shareholder agreements
Regardless of the cause of the conflict between you and your business partner, the results can be catastrophic for your company. Spending time engaged in attempting to resolve the issue on your own, for example, can detract from profits and make it difficult for other employees in the office.
Advanced partnership disputes can be especially problematic for your business. Some examples of advanced partnership disputes can include:
- Trade secrets
- Breach of fiduciary duties
- Business disparagement
In the event that you have tried to work things out with your business partner but have been unsuccessful in doing so, it may be time to speak with a business litigation attorney
Check out this site here to read more about common partnership disputes.
Why Working with a Business Litigation Attorney Can Help
A partnership dispute can make your life extremely difficult. Litigation is not the only option for resolving your partnership dispute. In fact, showing your business partner that you are serious by taking legal action may even motivate him or her to resolve things in negotiation settlements outside of court.
Consulting with a business litigation attorney now gives you an overview of all of your options as well as some idea of what to expect.
When you realize that an eroding business partnership is no longer in the best interests of the company, and you’ve unsuccessfully attempted to resolve things on your own for some time, then it may be time to speak with a trustworthy business litigation attorney who can help you take legal action to resolve the issues as effectively as possible.
Florida partnerships and businesses have their own set of rules and guidelines to follow concerning partnership disputes.
Also Read : 5 Reasons Why You Need a Business Litigation Attorney
When You’ve Reached the Beginning of the End, it’s Time to Find Legal Help from a Business Litigation Attorney…
Just like couples don’t necessarily want to get a divorce, most business partners don’t want to think about severing a relationship. However, sometimes this is a necessary step to protect the reputation, integrity, and the future of your business.
It can be frustrating to deal with a partnership dispute like this, particularly if you and your partner were close for years before the dispute, but it’s in your best interests to act quickly to prevent damage to the company or venture as a whole.
Visit here to learn more about working with a business litigation attorney.