Partnerships can be an easy yet powerful business structure, allowing individuals to combine their skills, resources, and expertise to achieve shared goals. However, even the strongest business relationship can fracture and threaten the success and stability of the business. When conflicts or disagreements between owners occur, be it a partnership, limited liability company, or other structure, the result is either reconciliation or disassociation. In Arizona, individuals dealing with these issues can seek assistance from business divorce and partnership dispute lawyers who focus exclusively in handling such cases and are familiar with the specific laws and procedures in Arizona.
Business partners splitting the company they own can be complicated and stressful. Separating business owners has a unique set of issues to consider such as the division of ownership, interest, assets, and debts of the company. With the right legal team on your side, you can mitigate these issues at Desert Valley Law by scheduling a consultation with our experienced business law attorney.Need a business divorce attorney in Arizona? Call us now – (623) 385-3190.
Business divorce is generally defined as the legal separation of the owners of privately held business entities. Sometimes, business ventures can grow increasingly emotional and upsetting. More often than not, they are also complicated and can lead to disputes.
Such disputes may also arise for various reasons, such as disagreements over business decisions, financial matters, breach of fiduciary duties, misappropriation of funds, unequal contribution of resources, or conflicting visions for the future of the business. These disputes can disrupt operations, strain relationships, and ultimately jeopardize the partnership’s viability.
A common factor leading to a business divorce is arguments between partners about how certain aspects of the business should be run. Whether you are a majority or minority interest holder, you have rights available to you. Since emotions and tensions can run high, it is important for your attorney to be aware of any interaction and communication between partners.
Below are some signs your company may be facing a business divorce:
If you and your business partner are having a dispute, the following steps are recommended:
When undergoing a business dissolution, numerous challenges can arise. By enlisting the assistance of a seasoned commercial litigation attorney in Phoenix, you can mitigate the likelihood of encountering the following issues:
By consulting with our experienced commercial litigation team in Phoenix, you can proactively address these potential issues and safeguard your interests during the business divorce.
To limit dangers, it is crucial to stick to the following regulations:
Based on evidence, it has been observed that the state is less likely to contest a business separation if it is undertaken with the purpose of accessing new markets, expanding the customer base, or optimizing existing resources. However, in situations where legal action becomes necessary, the arbitration court is likely to support the taxpayer’s position if they can substantiate the intended objectives of the separation and demonstrate the autonomy of each individual business entity involved.
At Desert Valley Law, our skilled attorneys will work closely with you to protect your interests and assets during a business separation. Reviewing all business partnership agreements and documents is essential when trying to protect your share of a business.
Reviewing intellectual property and business relationships can be one of the most impactful actions during a business split. Being as transparent as possible with your lawyer will help ensure the best possible outcome during the business divorce process.
If you are in need of a business divorce in Maricopa County, Arizona, contact an experienced business dispute attorney at the Desert Valley Law. Call (623) 385-3190 to schedule an initial consultation today.