Business litigation attorneys are often thought of as attorneys you would call if a business is facing a legal issue. However, business owners of all types have good reason to work with these general attorneys who are highly experienced in business litigation, especially if the business is jointly owned by two or more people. There can be situations that arise that call for legal guidance, and it is important that you know a business litigation attorney can help. Take a look at some of the situations when hiring a business litigation attorney is a good idea as a business partner.
There Are Going to Be Changes to the Partnership
If the partnership that is currently in place between you and a business partner, it is definitely a good idea to hire a business litigation attorney to help you through the transition. For example, if you have been the owner of 25 percent of the business and plan to invest more to become a full joint owner, a business litigation attorney can help make this transition as smooth as possible. If these changes are not handled in the appropriate manner, it can sometimes mean that the new changes will not be valid if something legal comes up later on.
Both Partners Wish to Liquidate the Business
Just because both partners agree to a transaction associated with the sale of a business, it does not mean that you will not need legal advice and guidance. For instance, if a husband and wife are joint partners in a business and they get a divorce, both parties may decide that they would rather sell the business. Even though it is clear what both parties want, legal guidance through the liquidation process will help avoid certain stumbling blocks that can come up.
There Is a Dispute Between Partners About the Business Operation
If you and a business partner cannot come to an agreement on your own about certain aspects of business operation, bringing in a business litigation attorney can do you both a lot of good. This professional can serve as the mediator between you to help you come to logical decisions when you can't agree on your own. A good example is if one partner wants to expand the business and the other partner does not. In these situations, there is a need for both parties to communicate openly their thoughts about what they want, but this can be difficult to do when there is so much common interest invested in the business.