Running a company is always a challenging endeavor. To further complicate things, you will likely encounter some type of business dispute along the way.
While not every type of business dispute will require legal representation, you may want a lawyer’s advice before proceeding. Business dispute lawyers can review the specifics of your situation and help you determine if it would be more beneficial for you to retain their services.
There are many kinds of business disputes, and how they are handled will depend on all the unique facts in each case. There are some that business dispute lawyers see more often than others.
Breach of Contract
A breach of contract occurs when one party fails to honor their part of an agreement. Disputes may even arise from an incomplete or unclear contract. As such, each party interprets the language in its own way to make it more favorable for themselves.
Partnership Disputes
When a partnership dispute arises, it is usually due to a disagreement by the partners as to what is in the company’s best interest. Partnership disputes usually revolve around business strategies, compensation for the partners or other employees, or financials.
As businesses grow, partners may also be faced with disagreements on the company’s future direction. One may want to invest more or aggressively acquire other businesses, while the other may wish to proceed with more caution.
Disputes Related to Purchasing Assets
Disputes about purchasing business assets or other businesses are very common. Since business assets are owned by a business entity and not an individual, acquiring them can present challenges. Disputes can arise from the distribution of profits after a business sale. Furthermore, the involved parties may also disagree on the classification of assets.
Board members may also further complicate things, not to mention other legal issues with the transfer of assets or property are common. For instance, if a business owner transfers a business in their last will and testament, there could be major problems in the probate process. This is why so many businesses turn to business dispute lawyers to keep things running smoothly.
Business-to-Business Disagreements
Other business disputes will arise between different businesses. As an example, one business may perceive another’s actions to be deceptive, which typically results in a lawsuit.
Covenants Not to Compete
Because trade secrets must be kept confidential, many businesses will ask their employees to sign a non-compete agreement. This binds an employee to not engage in anything similar in business practices for a determined period of time in a specified location.
What to Do If Your Business Faces a Dispute
As the head of a company or business, you will need to be prepared for disputes like the above and many more. Choosing an experienced business dispute law firm to work with will help you avoid the many challenges that arise in these types of situations. Not only will you find fair resolutions but also prevent many unnecessary costs and expenses, making it worthwhile to seek this type of counsel for all your business needs.
