In a business partnership, both partners must be committed to working together toward common goals and achievements. If goals and work philosophies aren’t aligned, business partnerships can dissolve when disputes arise over money, disproportionate workloads, and other issues. Even when a business partnership starts with the best intentions, over time, relationships can decay, making partners feel like adversaries. Sometimes, resolving business partnership disputes comes down to moving ahead with litigation.
Most Common Reasons for Business Partnership Disputes
Business partnership disputes in New York can arise from various issues, including disagreements over business decisions, financial matters, breaches of partnership agreements, and conflicts of interest. While the best course of action may be to attempt to resolve a dispute amicably and outside of a courtroom, that is not always possible. Litigation can be an effective means to address and resolve significant partnership issues and disputes.
Some of the most common types of Manhattan business partnership disputes include:
- Breach of partnership agreement
- Fiduciary duty violations
- Financial disagreements
- Self-dealing
- Management disputes
- Exit strategy and dissolution disputes
- Fraud or embezzlement
- Trade secret disputes
- Interference with business contracts or partnerships
Even minor disputes and miscommunications can erupt into full-blown litigation. Protecting yourself and your business interests should be your most pressing priority, so you need the help only an experienced New York business law and litigation attorney can provide. At Levy Goldenberg, LLP, our business litigation team is skilled in managing all facets of business partnership disputes.
Resolving Business Partnership Disputes with Litigation
New York courts prefer to avoid interfering in internal business partnership disputes. However, in some cases, litigation may be the only way to settle significant differences among business partners, especially when breach of agreement, fraud, or fiduciary duty violations are involved. Yet litigation can be tricky, depending on the partnership agreement itself.
Completing a full accounting may be necessary before proceeding with litigation. An accounting is a detailed review and audit of the partnership’s financial records that can help determine the proper distribution of assets and liabilities.
Business partnership litigation is fact-specific and may depend on your partnership arrangement, contract, and business designation details. Going to court can also be time-consuming and exhausting.
At Levy Goldenberg, LLP, we recommend starting with amicable negotiations or alternative dispute resolution methods. However, we prepare every case for the potential of litigation and begin building a strategic and compelling case from day one before we ever hit the bargaining table to ensure you have every option available to resolve your business partnership dispute as favorably as possible.
Potential Remedies in Partnership Disputes from Litigation
Litigation may be the best method for protecting your assets and collecting the compensation you deserve. Litigation remedies can potentially include:
- Monetary compensation for financial losses
- Equitable relief or orders requiring a partner to fulfill their obligations under the original partnership agreement
- Injunctions or court orders that help prevent a partner from taking actions that could harm the partnership
- Dissolution, which is an order to dissolve the partnership while overseeing the fair distribution of assets and liabilities among partners
Due to the complexities of partnership disputes and the potential for significant financial and operating impacts, it is imperative to involve a knowledgeable Manhattan business law attorney as soon as possible.
Contact Our Experienced Manhattan Business Law Attorneys Today for Help
An experienced attorney can make all the difference in terms of understanding and litigating business partnership disputes. When you work with our team, we can help you discover methods for minimizing conflict and working through your business partnership disputes. If that fails, we can take on your case and litigate your dispute while protecting your rights and interests.
Call a Manhattan business law attorney from Levy Goldenberg, LLP, and request a consultation now.