Shareholder/ Partnership Disputes

Legal Help Resolving Partnership or Shareholder Disputes or Dissolving a Business

No one enters a business partnership expecting it to fail, but unfortunately a large percentage of businesses do run into problems, whether because of the business climate or from disputes among the owners. If you and your business partners or co-owners have run into a serious dispute that threatens the future of your business, legal help is essential.

At The Gierach Law Firm, our business attorneys can work with you to identify the scope of the problem, the possible options for resolution, and methods to arrive at a solution — whether it be through arbitration, mediation or business litigation.

We have a variety of informational articles available on our Web site. See our featured article on business division: “Tricky business ‘divorcing’ a business partner

Contact our Naperville business law office to schedule a consultation. Don’t let partnership disputes and problems drag your business down. Seek an early resolution.

Practical Solutions from a Business Perspective

Business attorney Denice Gierach has more than 30 years of business law experience, as well as a Master’s degree in business management. Her practical, hands-on approach to business disputes, and thorough understanding of all facets of business law, has earned her recognition as is one of the 20 most “Influential Women in Business” by the Business Ledgerfor 2008.

Looking Back and Looking Forward

There are any number of factors business owners commonly identify as the cause of their partnership dispute:

  • One partner may not be carrying his / her weight
  • One partner wants to leave but the other partner refuses to split the assets
  • One partner or group of owners invested more money in the business and then there is a disagreement over the division of profits
  • One partner may have misappropriated funds or defrauded the company

Our first step in reviewing your partnership or ownership dispute is to review your foundational documents: your partnership agreement, operating agreement if your business is a limited liability company (LLC) or shareholder agreement if it is a corporation.

If prepared correctly, these documents outline how disputes should be resolved. Most of the time these ownership agreements contain a transfer restriction that states the business has the first option to buy the interest of a departing partner; if the business or partner does not have sufficient assets to pay the purchase price, there is usually a secondary option.

Your partnership agreement or operating agreement is a unique legal document. It’s likely that a number of questions will need to be answered in order to arrive at a workable resolution. We can help with negotiations or litigation if you and your former partner cannot reach agreement.

Contact an Illinois Business Lawyer

For sound legal advice from a skilled Naperville business attorney, contact the Gierach Law Firm.

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