Business partnership disputes are typically challenging for the parties involved. The relationship needs to be a close one if the business is to function effectively. Hence, resolving a partnership dispute quickly is to be preferred to preserve the value of the business asset.
A business partnership can be between two or more individuals, companies, or company/trusts. A partnership dispute is to be distinguished from a shareholder dispute (which is when there is a company above the partnership entities with a shareholder agreement in place).
Business partners are generally deemed to be jointly and severally liable for the partnership, which will include such things as tax and superannuation liability, as well other business debts it thus highly advantageous if the issues are resolved as quickly as possible.
Some of the types of disputes about which our partnership lawyers in Sydney advise are:
Not every case requires litigation and often patient negotiation, with the buffer of experienced lawyers in between, will bring about a sensible outcome.
Our dispute lawyers in Sydney can assist in resolving your partnership dispute in such ways as:
If you have partnership agreement, there is a dispute resolution clause in place. The dispute resolution process can then be followed if the other party agrees to engage. If you don’t have a written partnership agreement is in place the relevant legislation will dictate what should be done.
Our partnership dispute lawyers in Sydney will advise you as to your legal rights and work up a plan to put to the other side. If the matter can be resolved through negotiation, this is usually better than litigation, unless there is an urgent need, for example to freeze the assets of another partner. Where possible, we will pursue that path. Private mediation between the parties, with lawyers present to drive the process, is an option we often use with good success.
If you are intending to bring a partnership to an end, this should be done in writing with high degree of exactitude. The terms of the settlement deed should be considered carefully – and especially so if you intend to continue to work in the same industry or a similar industry.
Some matters that might be considered in finalising the exit or dissolution of a Business Partnership include existing contracts, customer value and ownership, business debts, licences, final or future partnership tax liability.
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