Like marital partners, it is not uncommon for business partners to have internal strife and eventually end up parting ways for any number of reasons:
- disagreements over the direction of the business;
- wrongful conduct by a partner;
- disputes about capital contributions;
- power struggles between partners;
- the separation by one partner who then competes for business;
As if running a business isn’t difficult enough on its own, adding partners or shareholders to the mix can make the aforementioned situations even more complicated. Often times, partners will find themselves in litigation regarding matters they’ve not been able to make compromises with on their own. Additionally, owners can find themselves facing the court against their shareholders. Regardless if you’ve ever faced a similar situation, it’s a good idea to ask yourself what to do if:
- One partner is caught in fraudulent business dealings that not only tarnishes the reputation of your company, but puts your business at risk of prosecution.
- Both partners believe themselves to own the largest stake in the business, as well as specific assets.
- One partner enters into a long term contract without the other’s agreement or knowledge and creating liability for the business.
- Partners are in disagreement over the finalization of the discontinuation of the company and the business’s assets.
- One partner is interested in a “business divorce.”
- Shareholders are accusing you of professional negligence.
- Your company is in need of restructuring.
- You (or your partner) are excused of breach of fiduciary duty.
- You find your partner has engaged in a number of schemes to defraud the shareholder partners of hundreds of thousands of dollars.
- You find you’ve been legally diluted due to various transactions and now hold only a minority interest in the entity.
Why an Attorney is Helpful
In worst case scenarios, an attorney can help minimize the financial, as well a emotional, damage that usually results from business owner disputes. We understand situations such as this can be extremely time sensitive. We’ll work expeditiously and efficiently. Contact Us at the office of Hall Ricketts Gurbacki, P.C. online or call 716-652-0828 for experienced, ethical, understanding and responsive assistance with all your legal needs in the greater Buffalo, NY area.