Has your relationship with your business partner blown up? Or do you suspect that your partner is determined to undermine your legal rights and impair the value of your equity interests? Your partnership should be based on trust, not uncertainty. Leaving your partnership dispute unchecked will jeopardize your business and livelihood. It is absolutely vital that you take the proper measures to address and resolve this issue before it ruins everything you’ve worked so hard to build up.
The fact that you’re reading this blog is a good sign: staying informed is key to managing any problem, including a partnership dispute. But you can’t protect your business with information alone – you will need to couple it with the right approach. Avoid the typical behaviors and tactics reactive litigants follow that are ineffective and wasteful. Instead, remain calm and in control, and take the following critical first steps:
- Do Your Research – Learn about the basics and legal underpinnings of your partnership dispute, including fiduciary duties and obligations;
- Explore Your Options – Formulate a specific plan of action based on the circumstances of your partnership dispute, including your equity status, the dynamics of your relationship with your partner, and the control you have over your business assets;
- Work with a Trusted Attorney – Discuss your goals with an experienced business law attorney. Once s/he understands what “success” will mean for you, s/he will lend you guidance on how to achieve it.
For more information on how to manage and resolve your partnership dispute, read “The New York and New Jersey Partnership Dispute Guide” provided by The Internicola Law Firm, P.C. now.