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A legal partnership when it comes to a business relationship is defined as a relationship between persons carrying on a business in common with a view to make a profit. A partnership is legally differentiated from a corporation, and usually involves smaller scale businesses. For the most part, parties involved in a partnership will enter into a partnership agreement which is legally binding when it comes to the operations of the business. Due to the fact that a partnership agreement is legally binding, should any disputes occur between partners, legal assistance is often required either to resolve the issue or officially dissolve the partnership.
Partnership Dispute Lawyer
If a partnership encounters a serious issue concerning their business, it is best for all parties involved to secure separate legal counsel in order to come to a binding legal resolution. There are many issues in partnerships that require the assistance of a partnership dispute lawyer. Issues ranging from breach of contract or fiduciary duties to business dissolution and fraud are best resolved with the help of an experienced partnership dispute lawyer. A good dispute lawyer will work closely with clients to identify the root cause of an issue in the hopes of finding a lasting resolution that is in the best interests of all parties involved according to any resolution procedures put in place at the outset of the partnership.
Partnership Dispute Resolution Procedures
In many cases, a partnership will have been established with certain contingencies in place should a dispute ever arise. It is up to the parties involved and their legal counsel to adhere to these procedures to ensure a fair and amicable resolution may be reached in a timely fashion. Drawn out disputes not only cost time and funds, but can also tarnish the reputation of the company or figures involved in the partnership, which does lasting damage going forward.
Dissolution of partnership
If the partners remain at an impasse even after the partnership dispute resolution procedures have been followed, the partnership should be legally dissolved in order to avoid further issues and complications in the future. A legal partnership must be dissolved according to regulations set by legislation such as the Business Corporations Act and the Partnership Act. Dissolution can be an expensive proposition for both parties involved, which is why it is often a last resort. If dissolution is the desired outcome then it is vital to have a legal representative that is well versed in the nuances of partnership agreements and how best to end that agreement without a drawn out legal battle.
At Ganapathi Law, our team has a great deal of experience finding lasting solutions and resolutions to partnership disputes. We have worked with a number of business partners throughout Vancouver and have successfully resolved disputes in a manner that allows businesses to keep going after a resolution has been reached. To find out how we can help resolve a partnership dispute for you, be sure to contact us to set up a confidential consultation today.
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