If you are currently involved in a partnership business and are having problems with your partner, you are not alone. While partnerships are very common types of business structures, many people in partnerships end up with problems with their partners. If the problems are severe and you cannot solve them on your own, you should contact a lawyer that specializes in business litigation services. Here are three things to know in order to handle a partnership dispute.
What Is Business Litigation?
Business litigation is a branch of law that specializes in helping people solve conflicts in business. This branch of law is often used for contract disputes and things of that nature, but it is also used for solving problems among partners in a partnership organization. If you cannot solve a business problem alone, you should seek help from a business litigation lawyer, as this type of lawyer will know how to help you solve whatever type of problem you are having in your business.
What Are Common Types of Problems in Partnerships?
A partnership is a business made up of two or more people. In this type of business structure, each partner has certain duties, obligations, and responsibilities. In return, each partner earns a share of the profits the business makes. Because of the way partnerships are created, the most common problem partnerships face is when one partner is not doing their part. For example, if one partner is supposed to work in the office 40 hours a week managing employees, you might have a problem with this person if he or she stops coming into the office.
Another problem you might encounter is a partner taking money from the business that he or she is not entitled to. Many partners also have problems with their partners due to different expectations or loss of interest on the part of a partner. There are many different problems you could encounter along the way if you are in a partnership, but a lawyer will be able to help you resolve the problems.
How Do You Resolve Partnership Problems?
When you meet with a lawyer, they will want to see your partnership agreement to see how it was worded and what it contains. The goal of the lawyer will be to make sure all partners are abiding by the partnership agreement. If there is evidence that proves your partner is not abiding by the agreement, the lawyer will try to remedy it by explaining to the partner what the problem is. Additionally, the solution would be for that partner to begin handling things according to the agreement.
If the partner will not agree to what the agreement says, your lawyer might recommend expulsion of the partner. This is something that is only allowed if the agreement states that it is allowed, and expulsion is the process of removing the partner that is not cooperating with the agreement.
If the partnership does not allow expulsion, the lawyer may recommend settling it with another method, such as suing the partner. When there is enough evidence present that shows that your partner is not abiding by the agreement, suing him or her might be the only option you have. With this option, your partner might end up having to pay you monetary damages for the problem.
There is also a chance the partner might simply agree to walk away from the business. If this happens, your lawyer can help you determine how to handle the split-up and where to go next with your business.
Settling partnership problems is not always the easiest task to accomplish, but it is much easier if you hire a lawyer to help you. As you begin looking for a lawyer to hire, make sure you choose one that provides business litigation services.
Share2 April 2018
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