Selecting a business partner is often done with great anticipation and hope for a profitable future for both parties. Unfortunately, a business partnership can go south rather quickly. In some cases, the partners may work out their issues amicably, or one partner may agree to buy out the other one. However, there are instances when a stalemate arises, and you may need to take action to protect your rights and interests in the business. Hiring a commercial litigation lawyer may help you with a partner dispute in several ways.
1. Explaining Your Rights
One of the first things that you need to know when you are dealing with a partnership dispute is what your options are. You understandably must act within the limits of the law at all times. In order to accomplish this, you need to know what your rights actually are. By speaking with a commercial litigation lawyer, you can explore options that may be feasible or beneficial to you. It is best to understand your rights as soon as possible, so you should contact a lawyer as soon as you become concerned about the possibility of a dispute.
2. Reviewing Contracts
In many cases, your rights and options may be limited by the terms of contracts that you have signed. There may be loopholes in a contract that you could use advantageously, or you may need to take immediate action to prevent your partner from exercising specific options. Remember that the terms of a contract may not be as ironclad as you may think. Going forward, keep in mind that it is always a smart idea to ask a lawyer to prepare your contracts and to review contracts before they are executed.
3. Negotiating Terms
Partners can understandably feel emotional and tense about the dispute. Because of this, two partners may find it difficult to negotiate effectively with each other. Your lawyer can reach out to the other party’s lawyer to negotiate terms that may help you to keep the matter out of the court system. This may be a less stressful and more effective solution than trying to negotiate on your own.
4. Representing You in Court
Many partnership disputes can be resolved through negotiations and other effective strategies, but other disputes must be resolved in court. You could represent yourself in court, but you understandably have a lot at stake. Hiring an experienced and knowledgeable lawyer to represent your interests and to make your case can benefit you in numerous ways.
A commercial litigation lawyer may be one of your best allies when you are struggling with a partner dispute. Many issues can be resolved amicably before they become heated if you understand your rights and options. If you are concerned about a developing issue with your partner, it is wise to reach out to your attorney for assistance as soon as possible.