The stress of business operations can fracture or divide even the strongest friendships. Partnerships are no exception to this general rule. What might have begun as an exciting business venture between friends can devolve into arguments, suspicions, and litigation. This is especially true if one partner intentionally or recklessly jeopardizes the partnership’s success and operations.
Having an experienced partnership disputes attorney on your side during such a difficult time can not only help ease your worries but also help you resolve disputes that arise before they can negatively affect your business and its profits. Contact Douglass & Runger, your Tennessee partnership dispute attorneys, for help navigating these often confusing and challenging legal waters.
What Is A Partnership?
A partnership is a business entity in which two or more individuals either expressly or implicitly agree to carry on a business for a specific purpose to make a profit. Each partner in the partnership is an owner of the partnership and has certain rights and responsibilities that he or she may exercise. A partnership can be declared to exist even if the individuals involved do not express their intention to create a partnership. Partners in a partnership are personally liable for the debts and obligations of the partnership, even those obligations that another partner created without the consent of the other partners.
Common Reasons For Partnership Disputes
There are a myriad of reasons why partners in a partnership may disagree with one another. Most of these disputes, however, involve one partner feeling as if he or she is unable to exercise the rights that are his or hers as a partner.
Contact Douglass & Runger For Assistance With Tennessee Partnership Disputes
A partnership dispute does not necessitate the dissolution of the partnership. Tact and skill can save a partnership so long as all the partners are willing for the partnership to continue. At Douglass & Runger, we have skillfully negotiated through partnership disputes to address the underlying cause of the rift while attempting to preserve the integrity of the partnership.
Business Law Matters
When starting a business, consider the legal structure: partnership, LLC, or corporation. Formation services can help. Plan for business succession and legal issues such as disputes and dissolution. Understand business law and legal resources for help.
