Starting business is always risky and the end result – a successful trade agreement or unsuccessful bankruptcy process – mostly depends on its owners. In some circumstances, business partners fail to find a compromise and for many reasons one can sue another. Potential results from a lawsuit between partners can cause a dissolution of business, holding a partner directly liable for a breach of agreement, or even exclusion of one business owner from the business. Finding the best legal solution in this case depends on many factors, from the type of a lawsuit and partnership to the reasons which led to it. However, business attorneys from Mckoon, Williams, Atchley & Stulce, PLLC recommend to take these three steps upon receiving notice of being sued by another business partner.
My Business Partner Is Suing Me. What Should I Do?
Get in touch with a Lawyer
Because the result of a claim between business partners can be so substantial, it is recommended to talk with an experienced Chattanooga business lawyer who is well-informed about the legal issues Chattanooga area businesses Face. With the help of a lawyer, you could find the best legal options that can be offered in your particular case as well as assistance with preparation to any kind of possible results. Even more, if the lawsuit continues to litigation, then a lawyer will already know all the details and be able to advocate on your behalf in the courtroom.
Check out the Partnership Agreement
No business partnership can work without a partnership agreement which defines the rights and responsibilities of each partner to manage and conduct the business. Moreover, it describes the process and available damages to each partner in case of a legal action. However, not all of these provisions could be valid or enforceable, so it is important to have a lawyer to check out your partnership agreement and determine if it has any legal force. What is more important, our business lawyers at Mckoon, Williams, Atchley & Stulce, PLLC will definitely clarify the lawful terms of the partnership agreement, making certain that each business partner fully understands the provisions of a document and how they effect their rights and responsibilities.
Collect Business Records
Business documents will certainly be essential in any type of claim regarding the company. These consist of financial declarations, regulatory filings, as well as any kind of paper relevant to the lawsuit. Occasionally, during a legal action in between business partners, one of them could restrict access to these vital records. Consequently, it is necessary to retain a duplicate of your company records whenever possible. Furthermore, Mckoon, Williams, Atchley & Stulce, PLLC will require as much details as possible to be able to provide detailed advice on how best to proceed in a lawsuit.
Because a legal action by a business partner could have serious, far-ranging consequences for you and also your business, it is necessary for you to connect to a legal representative that could ensure your lawful rights are protected. McKoon, Williams, Atchley & Stulce, PLLC offers the knowledge, skill, and experience needed to help clients navigate the legal complexities inherent in Chattanooga business law matters, large and small. If you are looking for a lawyer, schedule a consultation. (Please do not include any confidential information in your inquiry.)