Our Business Lawyers have experience assisting partners setup and dissolve partnerships. Disputes between partners often involve messy and convoluted issues that demand creative solutions. Our innovative and dynamic Business Lawyers deliver strategic and quality legal advice to help you deal with any disputes or issues you may be experiencing with a partner.
A partnership is a relatively straightforward and malleable form of business structure. The most salient feature of a partnership is that the partners are jointly liable for the debts of the business.
Partnerships are generally governed by partnership agreements (which may or may not be in writing) and the relevant Partnership legislation which is often complex and imposes a number of obligations and requirements on the partners and the operation of the business.
It is common for disputes to arise between partners of a business due to difference of opinion, style or practice. Often these are minor disputes which can be resolved amicably. However, where a partner acts unconscionably or where there is an element of fraud or misrepresentation, you may consider terminating the partnership.
There are many ways a partnership agreement can come to an end, including by death, retirement, bankruptcy or dissolution by the Court. Alternatively, the partners may, on their own volition, decide that the partnership should be terminated. It is not uncommon for partners to find that they are unable to resolve their internal disputes which have arisen due to differences in style, opinion or technique.
There are a number of issues which need to be addressed when deciding to bring the partnership to an end. This includes:
- Distribution of the property
- Distribution of the assets and liabilities
- Public notice of the dissolution
We have over a decade of experience in dealing with partnership disputes and dissolutions. Our Business and Commercial Lawyers are able to deal with your concerns diligently and professionally and in an efficient and cost-effective manner.
We can advise you on your options, potential entitlements and liabilities and the best course of action for you in your specific circumstances. Where you believe that your partner has participated in illegal, fraudulent or unconscionable conduct, it is vital that you obtain immediate advice from one of our experienced Sydney based Commercial Lawyers.
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