Steps To Take After A Partnership Dispute
A partnership is a popular business structure in the United States – and for good reason. This type of business allows for shared liabilities, a variety of skillsets, and a number of potential tax benefits. However, partnerships also rely on close working relationships, and sometimes these relationships can fall apart. This is what is known in the business world as a “partnership dispute.” But what happens next? How do you resolve this situation, and what steps should you take?
In most cases, it is essential to get in touch with a business litigation attorney as soon as possible in the event of a partnership dispute. This should be one of the very first steps you take, as it can help you gain a better understanding of the various legal implications of your dispute. Once you receive targeted, personalized legal advice based on your specific situation, you can approach the dispute in a confident, efficient manner. This is why booking a consultation with a business litigation attorney is often a smart move early on.
Try Conflict Resolution Tactics
Generally speaking, it is in everyone’s best interests to avoid a lawsuit. This is why one of your first moves should be to resolve the conflict behind closed doors – perhaps with the guiding hand of an attorney. Legal professionals, mediators, and other trained specialists can help facilitate these discussions, which can lead to a positive resolution without the need for legal action.
Ideally, each partner should be given the opportunity to speak their part while the others listen. It is incredibly important that each party expresses feelings, concerns, and opinions.
Examine the Partnership Agreement
Another early step should be to examine the partnership agreement. By reading the fine print, your attorney might be able to identify potential violations of the agreement. If these violations cannot be rectified, the agreement may allow for certain measures to be taken. However, this all depends on the specific wording of your partnership agreement.
Try to Compromise if Possible
As mentioned before, the last thing you want is a lawsuit on your hands. Going to court can be costly, time-consuming, and expensive – all factors that can seriously drag your business down. If you can, keep an open mind and be prepared to compromise. This is often a much better option in the long run compared to stubbornly “sticking to your guns.”
Consider the Financial Implications
If your partnership has a strong chance of being dissolved, you need to consider the financial obligations. Among other things, it is very important that all partners’ debts are paid before you move forward. You might want to hire a forensic accountant to get to the bottom of certain things, especially if the dispute is of a financial nature.
Enlist the Help of a Qualified Attorney Today
For help from a skilled Miami business & financial disputes lawyer, reach out to Alhalel Law. With plenty of experience and solid qualifications, we can help you resolve your partnership dispute quickly and easily. We know that dealing with these kinds of issues can be incredibly stressful, but you don’t have to struggle alone. Book your consultation and strive towards a positive resolution today.