If you live in Florida and are the founder of a business, you may have at least one co-founder with whom you shared the startup costs. No doubt you also share the profits, benefits and various day-to-day operational responsibilities. Over time, disputes between you and your partners may arise, and eventually, seeking legal counsel could become a realistic option. Disputes between business partners usually have to do with finances, perceived lack of effort or intellectual property.
Finances
When it comes to finances, disputes usually revolve around embezzlement. Embezzlement is when a person steals or misappropriates funding meant for their business. A lawyer experienced in business law may help avoid monetary disputes between business partners by assisting in salary, ownership and operational procedure clarification.
Perceived lack of effort
Perceived lack of effort is a little more subjective than embezzlement, but it can become the root of destructive disputes. This kind of dispute would ideally resolve through mediation and constructive conversation, but that isn’t always possible. If things get bad enough, it could become advisable to dissolve the partnership, bring in third-party investors or even settle the matter in court.
Intellectual property
Intellectual property can be a ruthless topic for business disputes. Even if the idea for your company was entirely yours, unless you can provide documentation in support of that claim, there’s a chance that your intellectual property could be ruled company property during a dispute.
Try to plan ahead
The best way to avoid a business dispute may be to seek the help of an experienced business lawyer when creating a clear contract that delineates all potential topics of dispute. Business disputes can be lengthy, destructive and costly, so it is often a good idea to seek legal advice to prevent them.
