We often are called upon to assist people who have been financially abused by their business partners. When partners disagree, we will look for solutions and, when necessary, resort to civil litigation. Are you being accused or sued over a partnership agreement? If so, we can assist in representing you at the courthouse. Likewise, if you have been damaged by breaches of a partnership agreement by your partner, we can advise and, if necessary, seek
damages for such wrongful conduct. Partnership disputes can involve the following issues:
A company’s board and officers are held to tight standards. A fiduciary obligation does not arise in all circumstances. Some fiduciary relationships are found as a matter of law (such as the lawyer/client relationship or a partnership) and others arise based upon the facts. Once a fiduciary relationship is established, the fiduciary has the following duties in relation to the other party:
- A duty of competence;
- A duty to exercise reasonable discretion;
- A duty of loyalty; and
- A duty of full disclosure
In the business context, a partner owes his partners a strict duty of good faith, candor and there is a general prohibition against him using the relationship to benefit his personal interests except with full disclosure to the others. If you feel that your company (or you) has been the victim of breaches of fiduciary duty by a board member, partner or corporate officer, call us today to discuss how we can remedy such a breach. Some partnership agreements have alternative dispute resolution clauses requiring mediation or arbitration.