“Partnerships” are a particular species of business entity which implicate specific provisions of common law, regulation and tax which often times differ from general principles applicable to internal business disputes. Assessment of potential liabilities in a partnership requires knowledge of the differing business partnership forms and the requirements imposed upon the owners thereof. General partnerships, limited partnerships and limited liability partnerships implicate different statutory schemes. Moreover, understanding and applying partnership tax law, including the calculation of capital accounts and interests, is an esoteric and complex endeavor.
Effective representation of a business owner in relation to a partnership requires an understanding of the various partnership forms by attorneys experienced in the identification of the key factors which are at play and the risks associated with alternative approaches. Our commercial litigation group offers sophisticated, strategic representation informed by decades of collective experience in a broad spectrum of complex business transactions and disputes including disputes related specifically to partnerships and partnership interests. As such, our team is uniquely qualified to untangle even the most complex disputes in order to help you reach the best possible resolution under a particular set of facts.
Should your partnership dispute prove to be insurmountable, partnership dissolution may be the best course of action. We are well versed in all aspects of this process as well, and can guide you through it to ensure that assets and debts are fairly divided and your interests and rights are well protected throughout this difficult negotiation.
Partnership disputes can arise over a number of factors, including:
• Disputes over language in, partnership agreements, and limited liability agreements
• Succession issues
• Financial disagreements, undisclosed earnings or secret dealings
• Breach of contract or fiduciary duty
• Partnership buy-outs
• Underperformance of a partner
• Personal and managerial conflicts
• Partnership deadlocks – where two equal partners cannot agree
• Fraud • Embezzlement
• Business disparagement
• Leaking of trade secrets
• Unauthorized disclosure of sensitive information
• Partnership accounting practices