Atlanta Partnership Dispute Lawyer
It may seem a bit cliché to compare a legal partnership for a business or firm to a marriage, but it is quite the accurate comparison and, in many ways, the state of Georgia views partnerships in the same way.
There are many legal rights and limitations to a legal business partnership that are not always easily undone. However, no matter how seriously you take the decision to partner with another person, or to take on a new partner for your business, mistakes are often made. As skilled business litigation attorneys in Atlanta, our team of business lawyers is frequently contacted to intercede and help solve partnership disputes.
The story we hear from all parties involved is typically the same. One of the partners becomes less enthusiastic about his or her duties and responsibilities to the partnership. They have asked the other partner or partners to cover their work as they pursue other endeavors, take vacations, or otherwise occupy themselves.
Other than being unfair, these kinds of requests can hinder the expansion of business as the remaining partner or partners have to work at a fuller capacity to make up the work of the errant partner.
Eventually, the arrangement is a partnership in name only, with the dedicated partners doing all of the work, but sharing their profits with those who do not. Seeing the writing on the wall, the remaining partner or partners often seek a team of lawyers to help legally protect their interests.
In a partnership, each party owes a fiduciary duty to the other with regard to all aspects of running the business. The State of Georgia takes this relationship very seriously.
A partner is compelled to consider the partnership’s interests with regard to all business decisions above his or her own individual concerns. This is a very high standard of care that can quickly be breached by business partners who get greedy or apathetic.
In addition to the profits, all partners share the debts and liabilities incurred by the business. Having a less than dedicated partner can quickly ruin the financial viability of the business venture.
What If A Partner Leaves To Start A Business That Will Be A Direct Competitor?
Not all business partnerships are a perfect match, and when the leaders in the business decide to part ways, it can lead to drastic changes in the business dynamic and even the business itself.
This is especially true when a partner leaves with the intention of starting a business that is in direct competition with their former partner. In situations like this, non-compete litigation, as well as the enforceability of any contracts or agreements must be diligently investigated, to see if there are any laws that were broken by the former partner.
Contact The Team Of Partnership Disputes Lawyers At Spaulding Law Today!
It is recommended that you speak to a Georgia partnership dispute attorney first before deciding how to handle your partnership issues. In Georgia, if the business itself is at stake, you can take legal action against your partner to protect the enterprise and your personal investment.
If you have questions about business partnerships, or if you need to speak personally with an Atlanta partnership attorney, contact the offices of Spaulding Law at (470) 336-5562.