However large or successful a business may become; the entire edifice can come apart if there are unresolved disputes between partners. Business partnerships often involve capable, dynamic individuals with strong opinions about the way the company should be run. Quite naturally, this can lead to disputes that have the potential to affect profit, slow growth and degrade morale. In such situations, Melbourne Law Studio recommends working with a partnership dispute lawyer. A partnership or shareholder dispute lawyer specialises in resolving matters by finding solutions that placate all parties involved and secure the future of the company. In this blog, we discuss some of the most common partnership disputes and how they can be resolved.
A partnership dispute lawyer will often step in when there are disputes about the day-to-day running of the company. This usually involves disagreements over how money should be used, how business expenses are recorded and how profits and liabilities are shared.
The most effective way to eliminate such disputes is to clarify ownership rules, clearly indicate the time and effort each partner is expected to put into the running of the business and the salary they will receive for their effort. A partnership or shareholder dispute lawyer will draft clear agreements that outline how company funds may be disbursed, and how approvals may be granted for every type of business expense.
Intellectual property rights are often the cause of serious disputes within an organisation. One partner may claim that they own the intellectual property being used by the company, while the company claims that the IP belongs to the organisation and not an individual. As business dispute law experts, we strongly recommend that an individual who wants to protect their IP should have signed documentation that clearly indicates their ownership of it. Intellectual property disputes are notoriously difficult to resolve and require clear documentation from the beginning of the venture.
Disputes over authority arise when there is ambiguity about roles and responsibilities within an organisation. Without a clear separation of duties, partners might unknowingly overstep their boundaries, leading to friction between individuals over important company matters.
A shareholder dispute lawyer is best placed to act as an objective third-party who can be trusted to clarify roles and responsibilities based on what the partners want. Clear distinctions between finance, operation and marketing are important so that the decision-making process is unhindered by personal problems.
Every business partnership has its share of ups and downs. At Melbourne Law Studio, our team of lawyers specialises in fostering strong channels of communication between partners by streamlining money distribution agreements, ownership rules and intellectual property rights. Contact us today for a free consultation.
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