In many ways, a business partnership is like a marriage. A successful partnership capitalizes on the different strengths each partner brings to the union and balances out each partner’s weaknesses. As in many marriages some partnerships break down, whether due to conflicting personalities, differences in management styles, disagreements within management or among shareholders, or due to the intentional acts, self dealing, or negligence of one or more of the partners, managers or shareholders involved that has either has or will have an adverse effect upon the business or upon the interest of the other partners or shareholders of the business. In New York and New Jersey there are legal remedies available to those affected by such behavior.
One of the biggest mistakes many parties involved in a business make when attempting to resolve business partner disputes or shareholder disputes is failing to bring in professional assistance in a timely manner. Often, the involvement of an attorney by one or more parties is viewed as an escalation of the dispute. However, engaging legal counsel from the outset of an issue, at the very least for the purposes of learning your rights and remedies and exploring resolution alternatives, can be crucial in diffusing the dispute before it truly escalates into a situation that can destroy a business or affect the ownership interests of the partners and shareholders. An experienced attorney can thoroughly examine the issues and advise on other courses of action to protect a partner or shareholder’s interests in the business or to protect them from personal liability for the business’s actions, the actions of the other partners, or that of management, or other shareholders. In some cases, filing immediate legal action in court to restrain such parties from engaging in certain activities may be necessary, and it is best to engage legal counsel when such issues first become known to ensure timely action.
Our team of experienced and skilled attorneys can guide you through the difficulties involved in shareholder disputes and business partner disputes and deliver creative and cost effective solutions to complex legal issues. We regularly handle a wide range of partnership and shareholder disputes in both New York and in New Jersey, including matters involving corporate governance disputes, breach of fiduciary duty, breach of covenant not to compete, bad faith, self dealing, fraud, minority shareholder oppression, forensic accounting, corporate judicial dissolution, and negligence. Contact us today via email by clicking here or by calling our New York Law Office (718) 370-2900 or our New Jersey Law Office at (732) 741-5800 for a consultation with one of our experienced attorneys to learn what your rights, options, and remedies are to protect your interests in your business.