Partnership Disputes And Liquidation
By its very definition, a business partnership involves two or more people ― meaning disagreements among the partners are almost inevitable no matter how smoothly they run the business. While some of these disagreements are minor, others can impact the entire company, leading to lost business opportunities and management standoffs in the process. In some instances, business litigation may be necessary to resolve your dispute.
At the law firm of Herman J. Marino Ltd., P.C., we understand the intricate and complex nature of Illinois partnership law. With nearly 40 years of legal experience, attorney Herman J. Marino can explain you legal rights and help you determine if litigation is required. No matter the situation, we will work tirelessly to help you reach the most effective and practical resolution possible ― making sure to take into account your unique business goals and objectives. Simply put, our primary focus is on you and your business needs.
The Many Causes Of Partnership Disputes
There are a variety of reasons that legal disputes may arise among business partners, including:
- Management impasses: When the partners simply cannot agree on important decisions regarding the business
- Breach of partnership agreement: When one partner brings an action against another for violating the terms of the partnership agreement or breaches some duty owed to the partnership
- Buy-Sell agreements: When disagreements arise over the purchase of new company assets or the sale of assets
- Business separation disputes: When one partner sues to obtain an accounting of the business and a partnership dissolution, although, if the partners agree to go their own ways, they can simply agree to a business liquidation
