How To Resolve A Dispute Over Partnership Dissolution In Florida
Under Florida’s partnership laws, there are specific rules and procedures that must be followed when ending a business, including a general partnership (GP), limited partnership (LP), and limited liability partnership (LLP). Partnership dissolution can be a complicated process. It is actually one of the highest-risk times for a dispute. In this article, you will find an overview of the key things to know about resolving a dispute during partnership dissolution in Florida.
Step #1: Clarify the Specifics of the Disagreement
You cannot effectively resolve any business dispute if you do not know exactly what you are fighting about. Disputes over a partnership dissolution can arise for a wide array of different reasons. There could even be a dispute over whether or not the GP, LP, or LLP should be dissolved at all. Though, the majority of partnership dissolution disputes are centered on financial matters—more specifically, who is entitled to what share of the remaining partnership funds, assets, and any outstanding business opportunities. The first step to resolving a dispute over partnership dissolution is taking the time to clarify what exactly you and your business partner(s) disagree about.
Step #2: Know Your Rights Under Florida Law and the Partnership Agreement
As a member of a partnership in South Florida, your legal rights and legal responsibilities arise from two main places. First, you have certain rights and duties under Florida law. Partnerships are largely governed at the state level. Beyond that, your rights and duties will come from your partnership agreement. In Florida, courts lean towards enforcing the terms of a partnership agreement. Make sure you have a copy of your partnership agreement. You should understand the implications.
Step #3: Consider All Options for an Amicable Resolution
A dispute over partnership dissolution does not have to end up in the court. Business litigation can be long and costly—especially in partnership dissolution cases. While a lawsuit could prove to be necessary to protect your personal financial interests in some cases, it is always best to try to find an amicable solution. Consider every option, including negotiation and business mediation.
Step #4: Consult with a Florida Partnership Dispute Lawyer
You do not have to try to navigate a partnership dissolution dispute on your own. Be proactive: Consult with a Florida business lawyer who has experience handling partnership dissolution cases. An attorney will be able to listen to your concerns, review your partnership agreement, answer questions, and help you determine the best course of action to protect your rights and interests throughout the partnership dissolution process.
Schedule a Confidential Consultation With a Florida Partnership Law Attorney
At Pike & Lustig, LLP, our West Palm Beach partnership dispute lawyers work tirelessly to protect the best interests of our clients. If you are dissolving a partnership in Florida, we can help you do so in a manner to avoid a dispute. Call us now to schedule your appointment. Our commercial lawyers provide representation throughout South Florida, including in Miami, Miami Beach, Fort Lauderdale, and West Palm Beach.