A frequent matter we handle as Atlanta business litigation lawyers is partnership disputes. More often than not, one partner comes to us after having been left holding the bag by his or her partner(s). Of course this partner has left with all of the day-to-day responsibilities of running the business–accountability for debts, liabilities and/or problems. The other partner seems to just gradually fade away from all responsibility to the detriment of the other partner’s livelihood, money, time, family, and credit. Naturally, this causes the partnership relationship to fray because it truly is no longer a “partnership.” We are asked what can the partner left running the business by himself do to protect his interests.
Georgia law views business partners much like a married couple. Each owes a fiduciary duty to the other with regard to all aspects of running the business. This duty is one of utmost trust and good faith, meaning that in every decision made and action taken by your business partner, he must have had you, his partner, and the partnership itself, in mind and felt it was in your and the business’ best interest in deciding how to act. This is a very high standard of care that can and often is quickly breached by business partners who get greedy or even just apathetic.
Partners are generally jointly and severally liable for the partnership’s responsibilities, debts, and liabilities. Therefore, it is recommended that you speak to a partnership dispute attorney first before deciding how to handle your partnership issues. In most cases, you can take legal action against your partner if it becomes necessary to save the business and your personal investment.
If you would like to speak to one of our partnership dispute attorneys, feel free to give us a call at (470) 336-5562 or visit our website for more information. Please also feel free to send us a confidential e-mail through our Web Site “Contact Us“ form. Spaulding Law has three conveniently located offices in Atlanta, Alpharetta and Cumming, Georgia. Our Firm represents clients throughout the Metro Atlanta area, including: Atlanta, Alpharetta, Cumming, Roswell, Sandy Springs, Decatur, Lawrenceville, Marietta, Smyrna, Duluth, Acworth, Fayetteville, Norcross, Canton, John’s Creek; DeKalb County, Fulton County, Cobb County, Forsyth County, Gwinnett County, Fayette County, Clayton County, Dawson County and Cherokee County.