Resolving A Dispute Over A Foreign Limited Partnership In Florida
Are you a business partner in a foreign limited partnership (FLP) in Florida? It can be an advantageous legal structure for many different reasons. However, commercial disputes and legal disputes can arise between the partners of a FLP. A proactive approach is a must when addressing any type of partnership dispute. Here, our West Palm Beach partnership law attorney highlights the key things to know about resolving a dispute over a foreign limited partnership in South Florida.
What is a Foreign Limited Partnership in Florida?
In Florida, a foreign limited partnership refers to a partnership that is formed under the laws of another jurisdiction but that is authorized to conduct business within Florida. To operate in our state, the entity must register with the Florida Department of State. This is accomplished by filing an application for registration. The business structure can be beneficial as it allows the foreign partnership to conduct its operations in Florida while maintaining its formation and legal status from its original jurisdiction.
Key Things to Understand About Disputes Over Foreign Limited Partnerships in Florida
Disputes over foreign limited partnerships can be complicated. There are some key issues that business partners should keep in mind. Here are some notable things to understand:
- Jurisdiction: Understand the governing laws of both the state of Florida and the jurisdiction where the Foreign Limited Partnership (FLP) is formed, as these will dictate the legal framework for resolving disputes.
- Partnership Agreement: The partnership agreement matters. Review the partnership agreement, as it may outline specific dispute resolution mechanisms and procedures that should be followed.
- Filing Deadlines: Business partners should be aware of any filing deadlines, both in Florida and the FLP’s home jurisdiction, to avoid missing crucial timelines for initiating legal action. If you have any questions about deadlines, an experienced attorney can help.
Alternative Dispute Resolution (ADR) Should Be Considered for Partnership Disputes
Alternative Dispute Resolution (ADR) is a valuable tool that should be considered for resolving partnership disputes. ADR refers to various methods, such as mediation and arbitration, that allow parties to settle their disagreements outside of court. By opting for ADR, partners can potentially save time, money, and preserve their working relationships.
Choosing ADR for partnership disputes can be advantageous as it offers flexibility, confidentiality, and a quicker resolution compared to litigation. ADR can also help maintain goodwill among partners and reduce the negative impact on the business’s operations. If you have any questions about mediation or arbitration of a dispute over an FLP, our Florida partnership lawyer can help.
Speak to Our Florida Partnership Lawyers Today
At Pike & Lustig, LLP, we are devoted to providing solutions-driven legal guidance and support to our clients. If you are a member of a foreign limited partnership who is involved in a dispute in Florida, we are here to help. Call us right away for your fully confidential consultation. We provide partnership law representation to clients in West Palm Beach, Miami, and throughout the region.