Contracts are essential to the prosperity of any business. A well-drafted contract helps a company run smoothly and ensures members perform their roles efficiently. The Sorenson Law Firm can help you draft and review your contract so that all parties are well-represented and crucial legal entries are made.
Even with an exceptional business contract reviewed by an attorney, it is common for a contract dispute to arise. In some cases, it can escalate into a costly legal process. Our commercial litigation attorney can help businesses resolve corporation and partnership disputes before they cause permanent financial and relational challenges.
At The Sorenson Law Firm, LLC, we understand the concerns Tempe business owners face regarding dispute resolution. Our goal is to help you and your partners reach an amicable solution through negotiation and settlement.
Please consult with us today and save your business from lengthy and expensive legal processes.
What is Contained in a Business Partnership Contract?
A well-written and attorney-reviewed business contract safeguards the company from any un expected contract disputes. The contract should include specific details of all the company’s activities. The following are examples of vital information a business partnership contract should contain:
- Essential information for each partner, such as name, contact detail, and rank
- Duties and responsibilities of each partner
- The agreed monetary allocation for each individual
- The vision, mission, and goals of the partnership
- Restriction on the leadership and management roles
- Precise instructions on the termination of contract or dissolution of a business partnership
Business partnership laws differ from state to state; our Tempe business lawyer will ensure your contract follows the Arizona state laws and can stand in court.
Our attorneys’ diverse experience also enables us to analyze and review other contracts between businesses and customers. They include real estate sale contracts, loan and financing contracts, licensing and royalty contacts, construction contracts and subcontracts, and rental contracts.
Talk to us today and have all your contracts drafted or reviewed by a credible Arizona business attorney.
Common Corporation and Partnership Disputes
As business dynamics change, disputes can arise due to various reasons, including :
- Unsatisfactory performance of a partner: Every partner has a role to play, and some may neglect their duties, affecting the overall business output.
- Differing interests: A struggling or growing business may cause a partner to feel that things need to take a new direction, while another partner may disagree.
- Management of personal conflicts: A partner may feel they have more rights to the business and decide to cause unrest. A dispute could also result from a high-ranking partner causing significant revenue loss due to poor decision-making.
- Hiding profits: The revenue from the business needs to be declared and reported by all partners. A partner may have hidden a part of the profits, and they’re later discovered.
The Sorenson Law Firm handles numerous corporation and partnership disputes, and we assist our clients in working out a settlement that favors the company’s growth or results in a fair dissolution. Whichever legal action you want to pursue, our Tempe business attorney will ensure you get the most favorable deal.
Corporation and Partnership Dispute Resolution
Corporation and partnership disputes are sometimes unavoidable, and partners have three main options to settle their disputes that avoid a lengthy court process with a judge or jury. These legal methods are:
- Negotiation: The partners can develop a solution without a formal discussion with third parties. This option is not the best if the relationship is severely strained.
- Mediation: The partners acquire a mediator who facilitates the discussion, but the partners determine the outcome.
- Arbitration: This procedure involves an arbitrator appointed by the partners or the court. An arbitrator is usually an experienced attorney trusted by the courts, and the decision they make is legally binding.
At The Sorenson Law firm in Tempe, AZ, we have vast experience in arbitration and mediation proceedings. For example, our attorney Jonny J. Sorenson’s expertise earned him a place as a Pro Tem Settlement Conference Judge for Maricopa Superior Court.
Please book an appointment with us and receive an assessment of your case from our business litigation attorney.
Our Arizona Business Attorney Can Help
The Sorenson Law Firm understands that sometimes a business partnership can no longer be feasible or productive. We will guide you through the winding-up process and partnership divorce. In addition, our experienced Tempe business lawyer will help you develop a strategy to mitigate the long-term effects that the separation will have on your business goals.