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Business Litigation
- Partnership Disputes: Protection for Oppressed Minority Shareholders
- Why You Must Look at Your Shareholder agreement Differently when Faced with A Shareholder or Partner Dispute
- Franchise Litigation: Understanding the Role of Discovery in Franchise Litigation
- Termination of Your Gas Station Contracts: Renewal Protections Afforded by The New Jersey Franchise Practices Act
- Partnership Disputes: When Your Partners Construct a "Pre-Text" to Terminate Your Legal Rights
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Business Litigation
- New Jersey Partnership Law: Important Resources
- New Jersey Shareholder and Partner Disputes: Important Factors to Consider to Protect Your Business and Equity Interests
- Options When a Business Partner Withholds Information Business Records
- Property Rights of a Business Partner in New York
- Is Your Trademark Likely to Cause Confusion? The Lapp Test
Factors to Consider when Dealing with a Partnership or Shareholder Dispute in New Jersey
The Critical Task of Preserving Business Assets and Operations
When faced with a significant dispute with your business partner that challenges the continued viability and existence of your business, it critical that you assess and preserve (fairly) the assets of your business. Faced with a partnership dispute or dissolution, consider the following:
- Maintenance of Day-to-Day Operations is Imperative - Shareholders and partners owe a fiduciary and, potentially, a contractual obligation respecting the maintenance and preservation of business assets. If you are faced with a partner engaged in the misappropriation or dissipation of corporate assets speak with your litigation attorney to discuss the necessity of obtaining a preliminary injunction and temporary restraining order. If the partnership dissolution is "amicable" (or at least manageable) speak to your attorney about developing a preliminary agreement respecting the continued operations of your business pending a final agreement respecting either a buy-out or the dissolution and distribution of your businesses assets.
- The Significance of "Intangible Assets" - For both service and product based businesses, the most valued asset that your business possesses, most likely, will be the intangible assets associated with your clients, customers and suppliers. Examples of intangible assets that you must evaluate and protect, include:
- Customer lists
- Sources of supply
- Pricing and cost information;
- Customer contracts and agreements;
- Trademarks;
- Patents;
- Goodwill associated with a business location.
- Prepare an Asset List - Prior to consulting with your attorney develop a list identifying the tangible and intangible assets associated with your business and the potential value of these assets to you and your business partner.
- Your Shareholder / Partnership Agreement is Critical - Always maintain a current copy of your partnership / shareholder agreement. If you have signed a partnership / shareholder agreement, chances are, that your rights respecting the potential dissolution of your business and the distribution of your business assets will be governed by the terms of your agreement. It is imperative that you provide your attorney with a copy of your agreement. If your agreement is missing or was misplaced, let your attorney know.
- Decisive Action is Critical - If you act promptly with a well developed plan and clear communications with your attorney and, eventually, your business partner the opportunity for success is greatly enhanced. Prompt action is necessary to avoid what may amount to the protracted dissipation and possible misappropriation of business assets and lost goodwill. Moreover, prompt action mitigates against the likelihood of unnecessary litigation and legal fees.
For additional information about partnership disputes and the legal factors that must be evaluated, read "Partnership Lawsuits in New York and New Jersey: Important Factors to Discuss with your Lawyer." or Contact Partnership and Shareholder Lawyer, Charles N. Internicola, Esq. at 800. 976. 4904
IMPORTANT DISCLAIMER: The information contained on this website is provided for general educational purposes only, should not be relied on as legal advice and does not serve to create an attorney client relationship. In utilizing this website you acknowledge that there is no attorney client relationship between you and Charles N. Internicola, Esq. and that the information contained on this site does not and cannot serve as a replacement for the competent legal advice of a licensed attorney in your state. The content of this website is subject to the Copyright of its author, Charles N. Internicola, Esq.
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Charles N. Internicola, Esq.
New York, New Jersey
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