Business Partnership Disputes

Yesterday, I met with a former business partner of an LLC that had a total of three partners/members of an LLC. We talked about how he had a buy out of his membership interest and the LLc and the individual partners did not fulfill their end of the agreement.

In business partnership disputes, the key is trying to convert your claim against the individual business partners. This is where a business partnership disputes becomes more effective because the risk of loss is greater for the individual members. The number one rule of being a Defendant is the best defense is a good offense. Thus, it is highly likely that one is likely to get countersued after you file a business partnership dispute against former business partners.

There are several types of actions that typically are included in a business partnership dispute. The first claim is Conversion. Conversion is similar to theft in that it is the use of your money without authorization. Unlike theft, conversion is typically a temporary event. The second claim is Fraud. Fraud is essentially deceit and covering up a critical fact or information that leads to your damages. The benefit of conversion and fraud cases are punitive damages and reasonable attorney's fees may be awarded if you have a victory. This is huge because the Plaintiff has a huge incentive to file a partnership dispute. In contrasts, if you must defend a business dispute, it is difficult because the amount of legal fees and risks are high. The third type of claim is a breach of contract. The claim is one where there was a written or oral agreement that has been broken, which had lead to damages. The fourth type of claim is breach of fiduciary duty such as a Manager of an LLC or Director of a Corporation. A Breach of fiduciary means that somebody held an important position in the business and they operated below the standard of care required by their position. Again, the key is you have been harmed by damages.

In conclusion, Sean Robertson is a litigation and business partnership dispute attorney that represents Plaintiffs and Defendants in business partnership disputes. Sean Robertson is Managing Partner of Robertson Law Group, LLC, which is located in downtown Chicago. Sean Robertson may be reached at (312) 498-6080. Check out our website at www.RobertsonLawGroup.com.

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