Legal Assistance with Partnership Disputes in Beaumont
If you are experiencing conflicts in your business partnership, we can help protect your best interests. Hiring an experienced attorney may be necessary to preserve the business and resolve disputes.
The term partnership is often used when it should be considered an LLC or a corporation. Partnerships tend to be less formal and don’t require a written agreement. One or more of the following signifies a partnership has been created:
- agreement to contribute property or money to the business;
- right to a share of profits from the venture;
- expressions of an intent to be business partners;
- right to participate in controlling the business; and
- agreeing to share business losses or liability for third party claims.
Controlling the business and a shared right to profits are typically the critical components of establishing a partnership. Partners in a general business partnership form a fiduciary relationship, which is also the case between a general partner and the limited partners in a limited partnership.
Partnership disputes can happen in small and large ventures. We can help whether you need assistance with a partnership started in a neighbor’s garage, a publicly traded joint venture, or anything in between. Byrd Ramsey represents business owners in dissolving their business relationships, including partnerships, and can advise you in determining whether a partnership exists. Our attorneys give each dispute the care and attention it deserves and has the experience to choose the best approach to yield the most successful outcome for our client. Call us today at 409-202-2020 or contact us online.
How Do Partnership Disputes Arise?
Making complex decisions is part of running any business. Inevitably, partners will sometimes disagree when the stakes are high. Partnership disputes can involve any of the following situations:
- Asset division
- Legal matters
- Breach of fiduciary duty
- Direction and growth of the partnership
- An imbalance of power or uneven workload between the partners
- Employment decisions
- Expenses, including personal use of partnership funds
- Tax disputes
Partnership Disputes Can Jeopardize Your Business
It takes time for a partnership dispute to develop. What begins as a small disagreement can eventually become unresolvable. Until disputes are settled, they can negatively impact the operation of the business, and customers and future business prospects can suffer. The dissatisfied partner may engage in destructive behaviors that can harm the business venture.
As soon as a dispute begins, contacting an attorney is the best way to protect your business. An experienced lawyer can help diffuse the emotions that are running high and the complex implications of the dispute, while they advise you on the necessary steps to safeguard your business. There are many options to resolve partnership disputes when you have an attorney on your side. For example, if negotiating is no longer an option, the partnership may need to be dissolved with the assistance of an experienced firm.
Contact a Beaumont Partnership Dispute Attorney Today
At Byrd Ramsey, we find the best outcome for our clients. Sometimes, there are solutions partners can agree on to continue working together and running a successful business.
Other times, partners may choose to dissolve the business or separate. If there are irreconcilable philosophical differences or if one partner violates the terms of their partnership agreement, the partners may decide dissolving the business is the only option. It is disappointing to see the business dissolved after you’ve invested time, money, and energy, however, we will protect your interests in the business you worked so hard to create.
Our experienced partnership dispute attorneys at Byrd Ramsey can help. We will guide you through your options. We can assist with the process to evaluate options for a buyout, prepare you and your company for a valuation, and negotiate fair compensation. Contact us today to discuss your case at 409-202-2020 or contact us online.