You have taken all the steps necessary to open and operate your business and believe you have found the right business partner to accomplish your goals. Unfortunately, disputes between partners can arise, and it is challenging to go against someone you trusted with your dreams. While planning your business, you made a partnership agreement which is vital to resolving disputes. Speak to our St. Augustine partnership disputes attorney at Naples & Spence today.

When a Dispute Turns Into a Lawsuit

When the dispute is significant, it can lead to a lawsuit and the end of your partnership. From our experience, these are the top five common partnership disputes that lead to lawsuits:

• Breach of fiduciary duty: when they place their needs over the business, like wasting company resources, theft, and other actions leading to business losses.
• Breach of partnership/operating agreement: losses from your partner’s breach of contract
• Gross negligence: your partner acted unreasonably, and your business suffered from their actions.
• Failure to delineate authority: you must clearly define the roles of each partner through a foundational agreement. Vague definitions or breaches can lead to disputes.
• Partnership abandonment: your partner can decide to walk away at any moment, but they must file the necessary paperwork to dissolve the arrangement. If they leave without documentation, you must take legal action.

When a dispute arises, it is vital to contact our business litigation attorney in St. Augustine. We can review your partnership agreements and other business documents to find the best step forward. You might already have a statement in place to resolve disputes, which can make the process easier.

Naples & Spence is Here to Help

While these are common business partnership disputes, there are many others, like embezzlement, misuse of trade secrets, and failure to distribute workloads fairly. We have spent years helping business owners and are here to help you. Contact a St. Augustine partnership disputes lawyer at Naples & Spence today to learn more.