Jacksonville Attorneys Represent Clients in Partnership Disputes
Florida firm delivers valuable assistance when fellow business owners clash
Owning a partnership share gives you the chance to work with one or more other people to develop a successful business. Partners often rely on each other for funding, expertise and management skills. However, when one partner suspects another of misconduct or believes that they are no longer living up to their responsibilities, the situation can get unpleasant quickly. At Murphy & Ellis, PLLC in Jacksonville, we represent clients throughout Florida in all types of partnerships disputes. Whether your disagreement can be resolved through strong communication outside of the courtroom or requires litigation, our firm is ready to help you pursue a positive result.
What is a partnership dispute?
Two or more partners who share ownership of a business place a great deal of trust in each other. If you have an ownership stake in a partnership, you could be held personally liable for business debts, even if the loss is attributable to your partner’s actions. A fellow partner who is not acting in the company’s best interests not only puts the business at risk, but also you and your family. Unlike corporations, partnerships are not governed by an extensive set of federal and state regulations. Therefore, if a fundamental disagreement exists, achieving the result you seek likely depends on the action you take to protect your interests.
Types of disagreements that occur between partners
Numerous types of serious conflicts can arise between partners. Our business litigation attorneys handle a full range of these cases, including disputes relating to:
- Alleged self-dealing and other breaches of fiduciary duty
- Buyout rights, agreements and negotiations
- Deadlocks over company management and minority owner rights
- Compensation matters
- Financial issues including compensation and asset appraisal
Whatever triggered the conflict between you and your partner(s), our firm offers skillful guidance so that you have a full understanding of your options and the legal support you need to assert your rights effectively.
Remedies for partnership disputes
There are typically numerous potential remedies for someone who believes they have been victimized by their partner’s misconduct. However, the specific facts might limit the available options. In some cases, the business and the relationship might be salvageable if one party offers some relief such as payment or a revision to the partnership agreement. Alternatively, the partnership might need to be dissolved with remaining assets distributed among the partners. An aggrieved party might sue the other for damages based on the harm they suffered or a previously negotiated liquidated damages provision. In urgent matters, an injunction might be granted to prevent one partner from squandering business assets.
Why do you need a partnership disputes attorney?
Business owners sometimes try to resolve internal conflicts on their own for budgetary reasons or to avoid publicizing problems. Unfortunately, failing to get the help of a seasoned attorney could harm both your interests and the underlying business. Our firm has the experience and insight to identify what potential solutions exist and we never overlook the effect that various actions could have on the value of your assets.
Contact a Jacksonville attorney to discuss your options in a partnership dispute
Murphy & Ellis, PLLC advises clients throughout Florida on partnership disputes and other types of business law matters. To schedule a consultation, please call us at 904-342-6009 or contact us online. Our office is on West Forsyth Street in Jacksonville.