If two or more people are in business together for profit, without having formed a company, they are in partnership - even if they don't realise it. Unfortunately, not all partnerships work out, and disputes can take place that put the future of a company in doubt.
If you have been affected by an issue of this nature, finding out your legal rights is recommended. Call Clough & Willis solicitors today to talk to a legal professional about your situation on 0800 083 0815 or fill out an online enquiry form.
In many cases, partner disputes arise because one or more heads of a business believe one of the partners is not keeping their end of the deal, is failing to pull their weight, or is keeping an unfair share of the profits for themselves. Often, this situation results in one or more partners leaving the agreement, either by expulsion, or by serving their notice.
When this happens, one party may claim for damages, or an alternative form of relief such as:
- Compensation for any losses incurred by the partnership for breaches of contractual duties
- An account of the profits
- Forfeiture of costs
- An injunction to prevent certain events from taking place
In most cases, outgoing partners will look to exercise their right to be paid all profits due to them under the original terms of the partnership agreement.
Many partnership agreements will feature a clause giving the other partners the right to expel a member in the event that the other parties think it is in the best interested of the agreement, even if the individual(s) in questions have not breached any provisions of the partnership.
Need help right away?
Contact Clough & Willis
If you are located in Greater Manchester and require support on any aspect of dispute resolution, we will guide you throughout the legal process. Each case will be managed by a solicitor selected for the specific requirements of your case.