Business Litigation Lawyer Charlottesville, VA
Business partnerships can be incredibly beneficial for all who are involved. Taking the plunge into the world of self-employment can be scary. Having someone to help carry the financial burden and responsibility of owning a business can feel like a relief. Forming a partnership can be an exciting time. However, despite the number of benefits, it’s not uncommon to experience disagreements with someone you have gone into business with. Each Charlottesville, Virginia business litigation lawyer from Dale Jensen, PLC Law Firm has the experience required to support business partners in forming agreements and managing disputes.
Is a partnership agreement required?
Although partnership agreements are not a requirement for going into business together, they are vital to ensuring success. Partnership agreements cover how parties will manage the business they have entered into with one another. Without a partnership agreement in place, the likelihood of a dispute is far more likely. It’s not uncommon to face disagreements with a business partner. However, with a clear partnership agreement in place, problems can be resolved in a timely fashion. A business litigation lawyer in Charlottesville VA can help in forming a partnership agreement to address:
- Each partner’s financial contribution
- Clear agreements for how profits will be distributed
- Plans for how ownership changes such as retirement, death or bankruptcy will be managed
- How disputes amongst partners will be resolved
- Clear plans for how the partnership will be dissolved should you choose to close your business or end your partnership
What are common types of disputes that arise within partnerships?
For many entrepreneurs, forming a business partnership can be a likely way of starting a business. Having someone to share in the responsibility that comes with owning a business can not only feel like a sense of relief, but also help when taking the next step into a business venture. However, problems or disputes can be a common occurrence for business partners, especially without a clear plan for how disagreements will be managed. Common disputes include:
- Breach of contracts
- Unfair distribution of work
- Unclear authority
- Breach in fiduciary duty
How can a Charlottesville VA business litigation lawyer help to resolve a partnership dispute?
Partnership disputes can be disastrous for a business. All of the effort you have poured into your business may be all for not, especially if you and your business partner are unable to reach a resolution. Partnership disputes can not only be challenging but uncomfortable. Dale Jensen, PLC Law Firm has over 15 years of experience in helping business partners negotiate agreements that they both can walk away happy with. Although a resolution may be a possibility, in some cases partners may choose to part ways. A business litigation lawyer from Dale Jensen, PLC Law Firm can help in navigating this uncertain time.
Entering into a partnership can be problematic. Although many partners are able to harmoniously manage a business partnership together, operating in such a way takes commitment and clear partnership agreements. Are you grappling with a partnership dispute? Perhaps you are considering entering into a partnership? Managing a partnership, drafting agreements and facing partnership disputes should be faced with Dale Jensen, PLC Law Firm. Contact our law offices to begin discussing how a business litigation lawyer Charlottesville VA business owners recommend can help you.