Partnership Agreements and Disputes
People often start businesses together and enter into partnership agreements. Unfortunately, the parties often start businesses with only a “skeletal” agreement, or even worse, no written agreement at all. Although a partnership agreement doesn’t necessarily have to be in writing, a written agreement is highly recommended. The Carroll Law Firm, LLC has litigated numerous partnership disputes involving both written and verbal partnership agreements. These cases can become very complicated, and they typically required in-depth legal expertise. The team from the Carroll Law Firm, LLC represents businesses of all sizes and has successfully handle partnership agreements and disputes for clients throughout Atlanta, Georgia.
Preventing Partnership Disputes
A partnership agreement can help to prevent disputes between you and your partner. The ways in which an agreement can prevent disputes include, for example, the following:
- Outlining clear responsibilities of each partner
- Outlining clear rights of each partner
- Defining the scope of the operations of the business
- Creating a process for retiring from the business or selling your share
- Creating the framework for how decisions will be made in the business
- Creating the protocols used to resolve disputes
- Outlining procedures to account for the divorce or death of a partner
Mitigating a Partnership Agreement Dispute
If a dispute arises between you and your partner, you need to take steps to protect your rights as soon as possible. The longer you let a dispute fester, the more difficult it will be to resolve the dispute in your favor. You should have an attorney intervene in the dispute immediately so that you can begin protecting your assets, your interest in the company, and the company as a whole.
Ending a Partnership Agreement
There are times where the dispute between you and your partner might not have an amicable resolution. This could mean that the time has come to consider ending the relationship altogether. The process and your rights will be largely dictated by the terms of the partnership agreement. For example, there may be provisions allowing you to end the partnership by paying your partner a specified sum of money. Either way, you should have your business law attorney review the agreement and represent you in any meetings with the partner when dissolving the agreement.
Partnership Disputes Require Skilled Legal Representation
If you find yourself involved in a potential partnership dispute, Carroll Law Firm, LLC can answer all of your questions and represent you in court should a dispute reach litigation. Call our office in Atlanta, Georgia at 404-816-4555 to schedule a free consultation and a review of your partnership agreement.