Gentleman Law helps companies with business issues including partnership disputes and litigation cases. Partnership Disputes - Partnership Dispute Lawyer.
Partnership Disputes Attorney – Chicago, IL
If you have worked hard to build a business with one or more partners, then you’re already aware of the advantages such a situation brings. There are many reasons that you may wish to operate as a partnership: convenience, the ability to work closely with someone you know and trust, cost advantages, and other things are just a few of the advantages.
However, the partnership format for a business can also bring distinct disadvantages. What do you do when there is a difference of opinion on the direction the business should take? How do you resolve disagreements over matters such as marketing strategy, research and development dollars, and so on? Is there a way to address these matters short of taking the business—and yourself—through costly and time-consuming litigation?
We are uniquely positioned to help you with your partnership issues. One major way we do that is by assisting you in avoiding partnership disputes before they can even become a problem. Here are just a few things to consider when entering into a partnership arrangement—or after you’ve entered into one, but before any significant problems have emerged.
Put the arrangement in writing
It’s great if you are able to work closely with someone you know and trust. However, such an arrangement is rife with the opportunity for misunderstanding. You should have a partnership agreement that spells out the specifics of the business format, including who controls what business operations and who owns what percentage of the business. Your agreement should also include provisions for resolving future disputes.
In addition to helping avoid misunderstandings between you and your partner(s) down the road, such a document will prove to be invaluable in the event of the death or incapacitation of one of the partners. You’re already busy running a business; the last thing you need is to have to defend that business from zealous heirs of a deceased partner.
We have extensive experience in corporate law and we are able to draft a partnership agreement that will give you the flexibility to work closely with one or more partners while at the same time protecting you—and the business you’ve worked so hard to build—from unexpected complications.
Keep your eye on your goal
In the event that a partnership dispute does arise, try to remember why you are in business in the first place, and focus on resolving the issue so you can continue operating the business. Don’t get caught up in pointing fingers at your partners or trying to prove them wrong. Instead, remember that your partners probably have some valid points, and at the very least you should continue to respect them as peers and partners in a joint endeavor.
If you and a partner are simply unable to come to an agreement on a matter it may be worth your time to consider mediation as opposed to litigating the matter or dissolving the partnership. A properly trained mediator will help you determine an appropriate course of action and will usually cost far less than taking the matter to court. In addition, because the outcome of mediation tends to be more amicable and collaborative than litigation, you may find that using a mediator will end up saving the business from dissolution.
Considerations in retaining an attorney
It does not make much sense to spend tens of thousands of dollars (or more) investing in a business and getting it up and running, yet avoid hiring a competent corporate attorney to put together a properly drafted partnership agreement.
The convenience, security, and clarity that a properly crafted partnership agreement will bring to your business operations will prove to be well worth the price you may pay to have it done. In addition, in the event that something unforeseen happens and you find yourself trying to navigate uncharted waters, the direction provided by a partnership agreement will help you keep the business moving forward without too much interruption.
Not all businesses are the same, and you should be wary of trying to use a template or boilerplate operating agreement that you pull off of the Internet somewhere. You need a partnership agreement that has been crafted to meet your specific needs and addresses your specific concerns, not a one-size-fits-all band-aid that may or may not even be relevant to your specific business.
Finally, a good attorney can raise issues that you had not thought to consider, making it a worthwhile investment to consult an attorney before a partnership dispute actually arises. That way you can be sure that you have covered all your bases and you, as well as your business, are prepared for any eventuality that may come up.
We have experience in working with partnerships. We are here to help you with the best agreement possible for your unique business and situation. Give us a call today and we will be happy to help you prepare your business for the future.
Turn to an experienced Illinois partnership dispute attorney
Gentleman Law has been helping clients with business law and partner disputes for more than 16 years. Call (312) 741-1039 or contact Gentleman Law online today to discuss your case, free of charge. The office is centrally located in the Loop near Daley Plaza just steps from the Cook County Courthouse and the federal courthouse. Spanish is spoken in the office for your convenience.