What Can I Do if My Business Partner Breaches Our Contract?
A business agreement is a binding contract, and it’s one that you expect your business partner to respect. But you may have found recently that you took it far more seriously than your partner. When a business partner breaches your contract, what are your options to respond?
At Albright, Stoddard, Warnick & Albright, we take breaches of business contracts seriously. If you’re seeking legal options for dealing with a breach of contract, check out your options below and speak with a lawyer about your options.
Suing a Business Partner
When your business partner breaks your business contract, you may be concerned about the functioning and safety of your business. Because your partner may have access to confidential records, financial information, and passwords, settling the problem as soon as possible can give you extra peace of mind.
Filing a lawsuit against your business partner may seem like a faster option to resolve your case, but you may want to continue the business relationship, without liquidating the company or expelling them. In these cases, mediation may be your best option to resolve the conflict.
With mediation, you have an opportunity to speak with your lawyer and business partner about the situation. Your lawyer can guide you through the mediation process and help you come to a fair agreement.
Options for Compensation for Breach of Contract
Of course, not everything can be settled through mediation. Your business partner may refuse to budge on this issue, and they may try to avoid helping you recover from the damage they may have done.
For example, your business partner may have misapplied business funds without notifying you or other partners. They broke your contract, and they may have damaged the business’ financial well-being and reputation.
When this happens, you may have grounds for compensation. Business partners who do this may be expected to repay the expenses and damage they caused the business. This may include liquidating the business, or selling the company, machinery, or assets.
Can I Expel My Partner from a Business?
In some cases, you may no longer wish to stay in business with your partner, but you may wish to maintain the business on your own, or with other partners. But expelling a business partner can be complex both legally and financially.
To make sure you take the right steps when expelling a business partner, speak with a lawyer. They can inform you of your rights, the specific procedures to expel a business partner, and what steps to take to ensure your business is safe and healthy.
Settle Your Business Dispute with a Lawyer
If your business partner has acted against your contract, you may be worried about your business, your finances, and your future in this partnership. The problem is, you may be unsure what your options are when your business is in trouble.
At Albright, Stoddard, Warnick & Albright, we understand that you’re in a delicate position, which is why we’re here to help. We offer mediation services, and, if needed, we’re ready to take your business dispute to court. Get started with a free consultation about your business dispute when you call 702-384-7111 or fill out the online contact form below.