In the complicated world of business partnerships, some disputes can surface that require more assistance to navigate than others. While not every disagreement warrants legal intervention, certain situations are generally better resolved via a fiduciary litigator.
Continue reading below to learn more:
Disagreement 1: Operations and Contractual Obligations
The foundation of any business partnership lies in its contractual agreements. These documents detail the rights, responsibilities, and expectations of each partner when operating in the name of the business. Disputes often emerge when interpretations or enforcement of these agreements aren’t seen eye to eye. For example:
- Each partner may disagree on how much of the profits should be reinvested in the business.
- There may be disagreements about overhead costs.
- Management styles may be clashing.
Seeking the counsel of a fiduciary litigator can put those issues to rest. From analyzing the existing partnership agreement to facilitating negotiations with your partner, an attorney can often be exactly the lifeline you need when dealing with contract issues.
Related Article: When is Trust Litigation Called For?
Disagreement 2: Fiduciary Duties
Business partners are bound by fiduciary duties that demand acting in the best interest of the partnership, exercising care, and loyalty. Breaches of these duties include actions like:
- Misappropriation of Funds
- Divulging Confidential Information
- Charging Personal Expenses to the Company
These actions can have severe consequences for the business, and warrant the use of a fiduciary litigation attorney. After all, nobody wants a business relationship that they can’t trust.
Disagreement 3: Deadlock on Critical Business Decisions
Partnerships may also encounter deadlock scenarios where the partners refuse to agree on an action regarding a critical business decision. Such occurrences have the potential to significantly hurt a business, and bring daily operations to a standstill until a solution is found. A fiduciary litigation attorney can assist with finding a resolution, including but not limited to using the following mechanisms to make it happen:
- Mediation
- Arbitration
- Court intervention
Beyond resolving immediate deadlocks, your attorney can also provide strategic counsel regarding preventive measures like updating partnership agreements or implementing new systems to help avoid future disputes.
Related Article: Best Methods of Dispute Resolution for Will and Trust Disputes
Resolve a Partnership Dispute with a Fiduciary Litigation Attorney from Gaslowitz Frankel
Having a fiduciary litigation attorney can help you make the best decisions for you and your business.
The attorneys at Gaslowitz Frankel LLC have decades of experience with trust litigation, and proven results with even the toughest of cases. Our attorney’s expertise and compassion treat every case with the diligence and attention it deserves.
