Business Partner Suing You? Your First Steps April 16, 2021 | Business Litigation
The moment that you find out that your business partner is suing you, it’s important to find out why. There are certain steps that need to be taken so that you can protect your business. By working with a Palm Harbor business dispute attorney, it’s possible to defend yourself against claims being made.
Common Reasons for Suing a Business Partner
There are countless reasons as to why a business partner is suing you. Even though you may have been working together to build a business, issues may arise.
- Breach of partnership agreement
- Violation of intellectual property rights
- Criminal activity
Are you guilty of any of these things? In order for your business partner to sue you, they have to have grounds to stand on. If they’re accusing you of any of these things, it will be necessary for you to combat them.
In some instances, there may be ways for you to move forward as business partners. In others, you will need to dissolve the business – and this is when it’s critical to work with an experienced Palm Harbor business lawyer.
The Options to Deal with a Dispute
Although a business partner may be suing you, there are options for how you can settle the matter. Business law attorneys in Palm Harbor can discuss the options with you.
A settlement can result in a negotiation that terminates the partnership and provides a repayment of losses.
Mediation may help to resolve some internal conflicts between you and your business partner.
Arbitration may be another option and may even be included within your partnership agreement. A Palm Harbor business law attorney can review your partnership agreement to see if such a clause exists.
The moment you find that your business partner is suing, you’ll want to act quickly. It will be in the best interest of your business, your partnership, and your finances.