Virginia Partnership Disputes Lawyer
Entering into a partnership can be the simplest way for two or more people to go into business together. However, all parties should understand their rights under state law and the terms of their decision to form a partnership or their partnership agreement before making a commitment. If individuals are unclear of their rights and obligations, disputes among partners could negatively affect the business and personal relationships and lead to disputes within the business.
A Virginia partnership disputes lawyer could help resolve your partnership’s legal issues. A dedicated business litigation attorney could work to resolve disputes or demand enforcement of you rights in Commonwealth courts.
Laws Concerning Partnerships in Virginia
At the simplest level, a partnership is an agreement between two business partners to share the profits and liabilities of the business. Each partner has the ability to act on behalf of the partnership when dealing with third parties.
Entering into a partnership creates mutual, reciprocal duties between all parties. The Code of Virginia §50-73.102 states that all members of a partnership have a duty of loyalty to the others to follow the law, provide an accurate accounting of the partnership’s assets and liabilities, and deal with a general sense of good faith.
A partnership agreement may outline the specific duties and responsibilities of all parties. These contracts may not restrict access to financial documents or abridge the rights of parties to expect fair dealing from other partners. A local attorney could help potential business partners ensure their contract adheres to state laws.
Enforcing Partners’ Rights Through Mediation and Civil Litigation
In the event of a breach of a partnership agreement, an aggrieved partner may pursue civil litigation. Most cases, however, can reach a conclusion without taking the case to court. A partnership disputes attorney may be able to help parties negotiate and bring the dispute to a close without formal litigation to maintain the partnership relationship.
If negotiation does not resolve the dispute, partners may allege a breach of contract or breach of fiduciary duty concerning their rights as partners. For example, the filing party might claim that a partner owes money to either the partner or the partnership. These claims could seek the dissolution of a partnership or restoration of a partner’s status in the company.
According to VA Code §8.01-246, partners must file a breach of contract claim within five years of the breach. A Virginia partnership disputes attorney could construct strong arguments to protect a person’s rights in court.
Reach Out to a Virginia Partnership Disputes Attorney Today
People who choose to go into a business together have certain duties to their other partners. These responsibilities include the requirement to act in good faith and let all other partners play their roles within the company. Failure to perform these duties may constitute a breach of contract or a violation of Commonwealth law.
If you believe you have not received your fair share in a partnership, a Virginia partnership disputes lawyer may be able to help. They could work to help resolve the matter outside of court or fight for you at trial. Contact a partnership disputes attorney today to schedule an appointment.
