Partnership disputes are so common in business. Whether it’s a large enterprise or the local corner store, there will inevitably be disputes in the best of businesses. The problem is that most business and legal matters are difficult to understand when you have little to no experience in them. That’s why it is essential to hire a Pinellas Park commercial litigation attorney during any dispute in business.
We will now look into the common causes of business partnership disputes in Pinellas Park.
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Misappropriation of assets
This is one of the most common causes of disputes in business. It affects a large portion of small businesses and family-run shops. You must report any evidence and take care not to lie. If you are afraid, consult a lawyer. When someone has committed misappropriation of assets, it is usually one of the partners. If you can’t trust your partner, you will end up fighting a lot because it is difficult to stop if it goes too far. It is hard to escape fighting even after the business is gone.
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Conflicting visions
Being one unit, two or more people in the partnership will have different visions and ideas of how things should be done. You should set clear goals and rules when forming your partnership so that everyone is on the same page in terms of expectations and objectives. Otherwise, it may be difficult to pursue the same goal when you have opposing views on how things should be done.
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Fraudulent activities
This is one of the most common causes of partnership disputes. Fraudulent activities include embezzlement, bribery, and fraud. It is possible that your partner will embezzle money to invest in a business project when your partner isn’t looking.
In order to avoid being cheated by your partners, be sure to keep a close eye on all the money and assets that come into the partnership.
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Breach of contract
Falling short of the contract is one of the most common causes of business partnerships disputes. You must have a thorough discussion regarding what is expected and what must be done for both parties. If a dispute arises because the partner failed to abide by the contract, you must hire an experienced attorney.
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The division of assets during dissolution
This is another common cause of disputes in a business partnership. If your partner has a lot of money or assets, you must set a clear direction for the division of assets when terminating the business. It is important to be fair and equitable in determining which partner gets what.
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