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Partnership Disputes And Liquidation

By its very definition, a business partnership involves two or more people ― meaning disagreements among the partners are almost inevitable no matter how smoothly they run the business. While some of these disagreements are minor, others can impact the entire company, leading to lost business opportunities and management standoffs in the process. In some instances, business litigation may be necessary to resolve your dispute.

At the law firm of Herman J. Marino Ltd., P.C., we understand the intricate and complex nature of Illinois partnership law. With nearly 40 years of legal experience, attorney Herman J. Marino can explain you legal rights and help you determine if litigation is required. No matter the situation, we will work tirelessly to help you reach the most effective and practical resolution possible ― making sure to take into account your unique business goals and objectives. Simply put, our primary focus is on you and your business needs.

If you are involved in a partnership dispute and need to know what legal options are available, contact the law firm of Herman J. Marino Ltd., P.C., for effective, personalized legal representation. From our office in downtown Chicago, we represent clients throughout the Chicagoland area. Call us at 312-347-9990 to schedule your consultation today.

The Many Causes Of Partnership Disputes

There are a variety of reasons that legal disputes may arise among business partners, including:

  • Management impasses: When the partners simply cannot agree on important decisions regarding the business
  • Breach of partnership agreement: When one partner brings an action against another for violating the terms of the partnership agreement or breaches some duty owed to the partnership
  • Buy-Sell agreements: When disagreements arise over the purchase of new company assets or the sale of assets
  • Business separation disputes: When one partner sues to obtain an accounting of the business and a partnership dissolution, although, if the partners agree to go their own ways, they can simply agree to a business liquidation

However, these are merely a few of the many situations that may give rise to a legal dispute among partners. If you have questions about this complex area of the law and need to speak to an experienced business lawyer, contact Herman J. Marino Ltd., P.C.