Rogers, AR Partnership Dispute Attorney
A partnership dispute can be a serious issue for a business. If business partners are not able to resolve disputes on their own, the leadership of the business could be in jeopardy. If you require legal assistance managing a partnership dispute that has arisen in your company, contact an experienced Rogers partnership dispute attorney today.
At Gunn Kieklak Dennis, LLP, we are dedicated to providing our clients with the legal representation they deserve to manage their legal issues. Our firm has provided legal services to residents of Rogers, Fayetteville, and others across the State of Arkansas, and we would be honored to work with you. To schedule a confidential legal consultation to discuss your situation, contact Gunn Kieklak Dennis, LLP at (479) 439-9840, or contact us online.
Methods for Resolving a Partnership Dispute
If you and your business partners are engaged in a partnership dispute that appears to have no end, there are various methods that you could choose from to resolve the dispute. Whether you are engaged in business with a close friend or a business associate, no one wants to be involved in a dispute that could harm the business. The following is a list of ideas to consider when dealing with a partnership dispute.
Examine the Partnership Agreement
The partnership agreement should have been drafted when you and your business partners decided to form the company. A good partnership agreement sets out the roles for each partner and even describes the procedure for when partners cannot agree on a problem. For example, some companies may opt to have a vote on important decisions that will substantially impact the company.
If your partnership agreement addresses the issue at hand, you and your partners must adhere to the contract you signed when opening the business. Unfortunately, there may come a time when the partnership agreement does not address a particular problem. When this happens, the owners of the business are left without a clear way to resolve the dispute.
If your partnership agreement is silent regarding the dispute, you should attempt to come to a reasonable arrangement with your business partners.
When business partners cannot agree on a matter, it may be wise to seek arbitration to resolve the dispute. Arbitration is designed to consider the position of each business partner and to consider an arrangement that each partner could agree to.
It is important to note that if you choose to resolve your dispute through arbitration, the results of that arbitration could become binding on the business. This means that a partner in the business cannot later argue over how the issue was handled.
Litigation should be your last option to resolve a partnership dispute. Turning to litigation means that all other efforts to resolve the disagreement failed and the owners of the business are willing to handle the dispute in court.
In some cases, it may be necessary to handle a partnership dispute through litigation. For example, if you discovered that a partner was utilizing property owned by the business for their own personal needs, this could have greatly harmed the business. If a partner refuses to admit to their crime in this situation, business litigation may be your best option.
Before filing a lawsuit for a partnership dispute, you should have solid evidence that establishes that your business partner committed a breach of the partnership agreement or misused company assets. You should not rush into litigation without a plan.
Additionally, you should note that the statute of limitations likely applies to your case. The statute of limitations dictates the amount of time that a person has to file a certain type of lawsuit. If the plaintiff does not file their lawsuit within this amount of time, the defendant can point out their lawsuit is late, and the court will dismiss the case.
The statute of limitations for a partnership dispute lawsuit can vary depending on the circumstances of your case. For example, if your business partner committed fraud, there will be a particular deadline for your claim that must be satisfied.
Our firm can help you determine how you should proceed with your partnership dispute depending on the facts of your case. You should not wait to pursue your case against a business partner that is hurting your company.
Contact an Experienced Rogers, Arkansas Partnership Dispute Lawyer Today
If you need assistance resolving a partnership dispute, contact an experienced Arkansas partnership dispute lawyer today. At Gunn Kieklak Dennis, LLP, our legal team possesses decades of combined legal experience, and we are prepared to use this knowledge to help with your legal issue. To schedule a confidential legal consultation concerning your partnership dispute, contact Gunn Kieklak Dennis, LLP at (479) 439-9840, or contact us online.