Partnership Dispute Resolution
Whether you own a business and/or considering whether to go into business for yourself or with a partner, forming a legal partnership can be beneficial because that type of arrangement allows you to pool resources such as finances, sweat equity, talent, and ideas. However, what happens when partnership disagreements arise? Do you know what kind of lawyer to hire to help resolve the dispute?
In the U.S., several lawyers focus on specific areas of law. When it comes to partnership disputes, you will want to consider hiring a lawyer that focuses on business law, including experience with business-related contracts, and handling business disputes. Business lawyers with contract-related experience are knowledgeable about laws that govern businesses, including partnerships. They can help you understand your rights and obligations as a partner and help you resolve the dispute.
The type of lawyer you want to hire should depend on the type of dispute that you are having with your partner. Common types of partnership disputes include:
- Breach of contract
- Control over the business
- Revelation of confidential business information
- Misappropriation of Funds
- Ownership rights
- Shareholder disputes
- Disagreements over how resources should be used
- Different visions and directions for the company
- One of the partners is secretly competing against the company on the side
If you are having a dispute over money, you may want to also consider hiring an accountant or financial advisor. An accountant or financial advisor can help determine whether there are grounds for a dispute and can provide guidance on how to proceed with the dispute from a tax/financial perspective. An accountant can also work directly with your business lawyer to assist with the handling of a partnership dispute.
Hiring a lawyer is an important decision and it is best practice to avoid waiting until legal problems arise before seeking out professional advice. When meeting with prospective lawyers, be prepared and bring all relevant documents and information. Be sure to ask about legal fees so that there are no surprises down the road. And finally, choose a lawyer that you feel comfortable working with and who has experience handling similar matters.