Rogers, AR Business Dispute Attorney
A business dispute between the owners of a business can have a catastrophic effect on the business. In some cases, the dispute is an issue that could be settled if the owners sat down and worked on their disagreement. However, if one owner committed a mistake or crime that seriously harmed the business, there may be a need for litigation. If you require legal assistance to resolve a business dispute, contact an experienced Rogers business dispute attorney today.
Gunn Kieklak Dennis, LLP recognizes how a business dispute can negatively impact a business, and we are ready to work with you to manage this issue. Our firm has worked with businesses in Rogers, Fayetteville, Springdale, and across Northwest Arkansas, and we would be honored to represent your business. To schedule a confidential legal consultation to discuss your situation, contact Gunn Kieklak Dennis, LLP at (479) 439-9840, or contact us online.
Common Business Disputes
Operating a business with friends or business associates can be an extremely rewarding experience. However, if you discover that one of your business partners is engaging in actions that could derail the business, you may wonder the best way to handle the situation. If you believe the issue at the heart of the dispute will require litigation to resolve, you should be ready to speak with an experienced attorney about your problem.
The following is a list of common business disputes that may require litigation.
Misappropriation of Assets
Every company is going to own property that is solely meant to use for business purposes. Whether this property is real estate used to conduct business or vehicles used to travel, you want to ensure that your property is not being misused.
However, if the owner of a business or a high-ranking executive begins to use assets owned by the business to pay for personal expenses or as a personal hotel, this is a misappropriation of assets. Members of a business engaged in misappropriation of assets will attempt to hide their crimes in various ways. For example, if a business owner could book real estate for a business trip when they are actually taking a personal vacation.
Each incident of misappropriation hurts the business as the resources used for personal purposes should have been used for the benefit of the business.
Intellectual Property Disputes
Intellectual property could come in the form of a copyright, patent, trademark, or many other forms. In the case of a business, one of the most valuable forms of intellectual property is the trade secrets and client lists of the business.
A trade secret is a specific process for completing a task. For example, if your business developed a special process to cook food that made the business extremely profitable, you would want to hide this secret. Alternatively, if your client list is a vital part of your business, you want to ensure this information does not fall into the hands of other people.
To protect intellectual property, a company may employ the use of confidentiality agreements and other contracts. A confidentiality agreement can be drafted to state that an individual that departs a company with knowledge of intellectual property must refrain from sharing this information with their new company. This prevents a person from learning the secrets of a business and departing to share that information with competitors.
If an individual violates a confidentiality agreement and exposes your intellectual property, they would be in breach of contract and could be held legally liable for their actions.
Breach of Fiduciary Duty
Fiduciary duty requires the owners of a business to put the best interests of the business ahead of their personal agendas. A breach of fiduciary duty could take several different forms. For example, if a business owner used their position to enter into a business agreement with another company they were involved in, this would constitute a breach of fiduciary duty and self-dealing.
If the company has shareholders, a breach of fiduciary duty could result in a lawsuit against the business for failing to protect the interests of the shareholders.
There are other types of business disputes that are not listed above. Gunn Kieklak Dennis, LLP can help you determine the appropriate way to proceed if you are unsure what to do about your business dispute.
Contact Our Experienced Rogers, Arkansas Business Dispute Lawyer Today
If you are engaged in a business dispute, you should consult with an experienced Arkansas business dispute lawyer today. The business lawyers at Gunn Kieklak Dennis, LLP possess decades of combined legal experience in a wide variety of commercial litigation claims, and we are ready to utilize this knowledge to help with your case. To schedule a confidential legal consultation, contact Gunn Kieklak Dennis, LLP at (479) 439-9840, or contact us online.