Four Things To Know When Requesting An Accounting In A Partnership Dispute In Florida
Are you locked in a financial dispute with a business partner? If so, an accounting (equitable accounting) may be one of your best options for a cost-effective, efficient solution. In this article, our West Palm Beach partnership disputes attorney highlights four tips to keep in mind if you are preparing to request an accounting in a partnership dispute.
- Know the Law: Make Sure You Understand How an Equitable Accounting Works
As a starting point, it is important to understand what an equitable accounting is and how it works in Florida. An accounting is a court-supervised, comprehensive review of business transactions. As part of an equitable accounting in a partnership dispute, a Florida court has the authority to “rearrange” a partnership’s accounts to ensure that each party’s financial interests are properly protected. Under Florida law (Florida Statute § 620.8405), any person who is a member of a partnership has the right to request an accounting.
- Consider Your Options for a Settlement (Partnership Mediation)
While accounting can certainly be a more cost effective and efficient way to resolve a financial partnership dispute than full litigation, it is not the best option in every case. When possible, business partners can still benefit from resolving the matter on their own—without going to the court. Financial disputes between business partners may be resolved through mediation. Our Florida business mediation lawyers can help you determine the best course of action for your partnership dispute.
- Get Organized: Gather All Financial & Legal Documents/Records
If you are involved in a financial dispute with a business partner, you need to get yourself organized before you take any formal legal action, including before you request an equitable accounting from a Florida court. Make sure that you carefully gather financial records and legal records, including all business information and any partnership agreement that you signed. The more information you have, the better position you will be in to understand the likely results of the accounting and to protect your best financial interests.
- Consult With a Business Attorney Who Handles Partnership Disputes
An equitable accounting is a complex legal remedy. The court may review a partnership’s commercial transactions and determine the appropriate remedy. Of course, requesting (and receiving) an accounting does not necessarily mean you are going to get the outcome you desire. It is crucial that you are prepared to present a strong case. An experienced Florida partnership dispute lawyer can help you navigate all aspects of an equitable accounting.
Schedule a Confidential Consultation With a South Florida Partnership Lawyer
At Pike & Lustig, LLP, we are devoted to helping our clients find the best solutions in commercial disputes. If you have any questions about requesting an equitable accounting in a partnership dispute, we are more than ready to help. Give us a call now or connect with us directly online to arrange a confidential consultation. Our firm has law offices in West Palm Beach, Wellington, and Miami and we handle partnership disputes throughout Southeastern Florida.