Partnership Dispute Lawyer Miami, FL
As a Miami, FL partnership dispute lawyer from Perez Mayoral, P.A. understands, just like all relationships that we have in life, business partnerships may have their ups and downs too. When things are going smoothly and everyone is feeling rewarded in their role, a business usually thrives. But when things are not going as well as planned, even little disagreements can cause major disruptions to business operations and profit. What used to be a happily collaborative business partnership may suddenly turn into a situation where there are serious concerns and everyone is at odds with each other. But thankfully, there are legal professionals and dispute approaches that can be utilized to find a resolution and peace once again.
Mediation is when a third-party mediator who is neutral to the situation assists business partners in a disagreement. Mediation only works if the business partners all agree to try to work together and reach a solution that they are okay with. A mediator is an unbiased and objective professional who can facilitate communication and decision-making between partners, with a goal to put them on the path to an even stronger partnership than they had before.
If business partnership interests are not equal, then the majority owners can essentially “freeze-out” minority owners by formatting a merger with a new company owned by most of the owners. In such a situation, the minority owners are then forced out of ownership, but are paid a fair market value for their interest. Due to the complex nature of freeze-out mergers, getting help from a Miami partnership dispute lawyer with experience handling these types of transactions is imperative.
Sometimes disagreements between partners result from misconduct being committed by one or more people. Examples of disputes can be related to misappropriation of assets, fiduciary duty breach, fraud, and failure to fulfill responsibilities and obligations as expected in the partnership. By filing a lawsuit against the partner for their violation means that those who have suffered can receive financial damages for what the conduct has caused.
Disputes between partners can happen especially when they’re going through dire financial problems within the company. When the liabilities of a company outweigh the assets, it is insolvent. Instead of experiencing debt that is likely to accumulate, business partners may find that filing for bankruptcy is actually the best option. By filing for bankruptcy, it can enable a business to restructure its debt and continue to operate, so closing down the business can be avoided. As painful as bankruptcy may seem, it can be the best option for your business, and provide relief.
It is worth mentioning that there are other approaches to partnership disputes than what has been described above. Depending on the disagreement, taking the approach of a buy-out, dissolution, or sell out to new owners may be suitable. Whilte issues like this can be stressful, there are resources for you to utilize. For more insight into partnerships and handling disputes, contact a Miami partnership dispute lawyer from Perez Mayoral, P.A. before the issue can escalate further.