Business partnerships are a notch above personal bonding. You own a business with your partner legally with distributed shares in profits and losses. One cannot form a partnership without a written agreement on the terms of trade.
Hence, if your partner pushes you out of your company based on unreasonable premises, you can undertake legal steps and negotiate with your partner.
The Ownership Contract
Before discussing your options for resolution and justice, we need to have a clear idea about what exactly constitutes a business partnership –
- Distribution of revenue based on individual shares.
- Partnership management and conflict resolution.
- Partnership dissolution process.
- Asset redistribution following the dissolution.
- The formal procedure for a partner’s exit.
Moreover, every employee and stakeholder of a company must abide by the code of ethics, leave policies, and other documents that govern the functioning of an organization.
If your business partner violated your position while you were away, you can seek remedies through the ownership contract and state laws.
Challenging the takeover
Your partner holds a position to seize your share and role in the business if you violate the ownership contract.
If the written agreement does not exist, you can still seek the help of state laws.
Pushing you out of your home or business is a chargeable offense, and you can file a lawsuit.
Legal services have your back.
- Consult and hire a lawyer to strategize the best method to reclaim your rightful ownership.
- Lawyers can assist you in negotiation, review company policies and by-laws to ensure your partner cannot defend themselves, and represent you in court.
- Your partner may cite economic or personal in their defense or trick you into a questionable position. Therefore, it is best to file a petition to prove that your partner’s reasons are impractical and violate the legal agreement.
- Utilize the ownership agreement in your defense, as it contains protective privileges in a partnership and the formal procedure of a partner’s exit.
- You also possess the right to negotiate compensation and access business records before passing your ownership.
- If you feel you are in a position to negotiate, you can insist on a buyout of your shares by your partner to officiate the handover.
Call to Action Business partnerships are complex, and you need the most experienced legal services to protect your ownership and rights. You can learn more about it from an expert by filling up the form on our website.
