There are many reasons you may be dealing with a partnership lawsuit at your business, but you don’t have to face it alone.
Many for-profit businesses start with two or more individuals or entities coming together in a partnership agreement. Unfortunately, just as many marriages end in divorce, many of these business partnerships end in a partnership lawsuit or dispute. Common areas of disagreement and strife include business investments that are performing poorly, reduced property values and economic downturns. Many of these factors are out of the control of the business partners, of course, but they can lead to strain and challenges in the business relationship and can even cause the business to fail.
A partnership lawsuit may not be appropriate or necessary for every dispute between business partners. Fortunately, many of these problems can be avoided with a properly drafted and legal partnership agreement. This agreement can protect all partners involved and their assets and may even include terms in which the partnership will be dissolved if the business does not perform as expected.
Here at Bennett Guthrie PLLC, we have represented business partners in a wide variety of businesses in the Winston-Salem, North Carolina area. Common reasons we have seen for a partnership lawsuit include one partner feeling that the work or burden of the business is not divided equally, one partner taking excessive loans from the business, one partner breaching the contract of the partnership, and fraudulent activities by one or more partners.
We can help you draft a partnership agreement, advise you or represent you during a partnership lawsuit. Call today to consult with us.