Although there are many advantages to establishing a partnership for your business, there can also be disputes that arise with a business partner. If these issues aren’t handled with the utmost care and precision, a successful enterprise can unravel. Throughout this five-part series, in parts one, two, three, and four, our Clearwater contractor lawyers have gone into great detail about the causes of business disputes and the ways you can potentially mitigate these issues. Unfortunately, not all business relationships can be saved and in some cases you have to choose between an amicable separation or a lawsuit.
Your Final Options During a Dispute
If a resolution with your business partner cannot be reached through conversation, mediation, or any other form of dispute resolution, you may have to consider the final step, terminating the partnership. If you do decide to cut your losses, you’ll need to consider how to divide the assets of the business, among other issues. If this is the case and the relationship isn’t salvageable, it’s critical that you don’t try to perform this process without the assistance of our Clearwater construction lawyers. An attorney can help you weigh your options, the pros and cons of each legal route you can take, and navigate you to the most successful outcome.
Legal Action May Be the Answer
In some cases, there is no opportunity for an amicable separation and a dispute leads to a lawsuit. This is common in disputes in which the legal system needs to determine which person is at fault. Many of these types of cases are resolved with monetary damages awarded to the party that did not violate the agreement. Construction business litigation is extremely complex and business owners either attempting to recover damages from a dispute or protect their assets should consult a construction lawyer. A construction lawyer can not only provide you with legal representation during a lawsuit, but they also have an in-depth understanding of the laws related to your case and the business practices and rules and regulations related to the construction industry.
Consult a Construction Attorney
Regardless of the type of business dispute you are experiencing, an attorney can review your agreement and determine the best course of action for your business to take to resolve the issue. If you are experiencing a dispute with a business partner, it’s critical that you consult an attorney today before the issue gets out of hand. An attorney will explain your legal rights, the requirements within your agreement, and what options are available to you. This could include everything from undergoing mediation to buying out your partner to terminating your agreement or pursuing legal action.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.