Chicago Area Partnership Dispute Lawyers
Attorneys for Business Disputes Between Partners and Shareholders in Illinois
Operating a business involves a variety of complex concerns, especially when ownership and management of a company are shared by multiple partners. In some cases, disputes can arise between business partners or between a business’s general partners and shareholders who have an ownership stake in the company. In these situations, owners, partners, and shareholders will want to work with a business law attorney who can address legal issues properly and make sure their financial interests are protected.
At the Gierach Law Firm, we provide dedicated legal help and representation to resolve disputes between business partners and shareholders. The team of attorneys at the Gierach Law Firm, LLC has more than 30 years of experience, and we have worked with many companies to address internal disputes and help parties reach settlements that protect their company’s bottom line. As a business owner herself, Attorney Denice Gierach understands the issues involved in operating a business, and she and her team can help you find workable solutions to the disputes you are facing.
Resolving Partner and Shareholder Disputes
Internal business disputes can arise in a wide variety of situations. Partners may disagree about how a business should be managed, the duties and responsibilities of each partner, or plans to expand business operations. Disputes may also arise regarding the allocation of profits earned by the business, including situations in which minority shareholders believe that information about the business has been withheld or that a partner has committed a breach of fiduciary duty. In some cases, disputes may involve the claim that a partner has committed fraud or misappropriated company funds.
When addressing these types of disputes, the first step parties will want to take is to review the company’s foundational documents and contracts. These may include a partnership agreement, an operating agreement for an LLC, or a shareholder agreement for a corporation. In many cases, these agreements will specify the methods that will be used to resolve disputes between partners and/or shareholders, such as mediation or arbitration. At the Gierach Law Firm, LLC, we can help you follow the terms of your partnership agreements and determine the best way to reach a settlement using these methods, and we can also provide representation in business litigation if it becomes necessary to take a case to court.
Completing a Business Divorce
Another common type of business dispute may occur when a partner chooses to leave the company or an owner or shareholder wishes to sell their shares. Determining how to complete a “business divorce” can be tricky, since the departing partner will want to be sure they are fully compensated for their share of the company’s assets, and the other partners or shareholders will want to make sure the business can continue operating.
A partnership agreement, operating agreement, or shareholder agreement will typically define the procedures that will be followed when a partner or shareholder leaves a company. In addition to describing how a buyout of a departing partner’s shares will be completed, the parties may also need to address issues such as liability for business debts or non-compete agreements that will ensure that the departing partner will not directly compete against the company. the Gierach Law Firm, LLC can make sure all of these issues are handled properly during a business divorce, and if necessary, we can provide representation when litigating these matters in the courtroom.
Contact Our Illinois Shareholder Dispute Attorneys
If you need to resolve internal disputes in a way that will protect your business’s financial interests, or if you need to make sure the proper procedures are followed when a partner leaves a business, the Gierach Law Firm, LLC can provide legal help and make sure your rights and financial interests are protected. We will advise you about the best ways to resolve these matters efficiently and effectively, and we will provide you with dedicated representation both inside and outside the courtroom. To schedule a consultation, contact us at our Naperville office by calling 630-756-1160 or our Hoffman Estates office by calling 847-519-0505.