The Lipp Law Firm, PC

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The Lipp Law Firm, PC

Attorney for Partnership Dissolution – Northern Virginia

  • By: lipplaw
    Published: March 14, 2024
partnership dissolution attorney
A partnership dispute can arise when the partners of a business have a disagreement, and need to resolve it with the help of a business lawyer, or through legal action. When money, business, and reputation is at stake, sometimes you will have no choice but to contact a lawyer to protect yourself. A partnership dispute can happen when one business partner takes corporate assets without telling the other, when one business partner wants the business to go in a particular direction, and the other business partner wants something different, or the business partners just aren’t seeing eye to eye on how the business should run. These are just some examples of how business partnership disputes can arise.
To protect your assets, reputation, and ability to earn a living, you will want to get a business lawyer involved as soon as possible to resolve the dispute. The lawyers at The Lipp Law Firm, PC can assist you with your business partnership dispute, and if litigation needs to occur, have experience in helping clients navigate the legal process in an efficient and economical manner.

What is the Best Way to Dissolve a Partnership?

1. Informal Agreement
First, you should speak with your business partner(s) and try to reach an agreement to dissolve the partnership. By reaching an agreement informally, you will save time, money, and costs that you would otherwise incur if you had to go to court.

2. Review Your Partnership Agreement
Second, you will want to review your partnership agreement, if you have one, to make sure that you are dissolving the partnership according to the agreement’s terms. A business law firm such as The Lipp Law Firm, PC, provided you are operating in Washington, DC, Maryland, or Virginia, can assist you with this process to ensure you are properly dissolving the partnership. There may be a vote required among the partners, and you will need to document the dissolution in a particular way to make sure it is done correctly.

3. Legal Action, If Necessary
Third, if you cannot reach an informal agreement with your business partner(s) to dissolve the partnership, you should contact a business lawyer to get assistance with a legal strategy. A business lawyer can help you understand your legal position in the business partnership dispute, and can help you prepare the best legal strategy to dissolve your partnership, whether that’s through negotiation, or through court action. If you don’t seek legal assistance with a partnership dissolution or dispute, you run the risk of being liable for debts of the partnership, or for other liabilities that you shouldn’t be on the hook for if you are no longer receiving the benefits of business partnership.

4. Post-Legal Action
If you do have to take legal action in court, you will seek legal dissolution of the partnership, and also relief for any damages you have been caused by your partner’s actions. Court cases can take years to resolve, either through settlement, motions practice, or through trial. The Lipp Law Firm, PC is experienced with all stages of litigation for partnership disputes, and if necessary, can take your case all the way through trial. Depending on the circumstances of your case, you will want to prioritize your time, resources, and most importantly, your peace of mind. While litigation seems like a viable option, many times it is a last resort, and should be treated as such to ensure you get the best possible outcome.Once your legal case resolves, you may be owed amounts from your partner, which you will need to put time and resources into collecting from them. The court does not facilitate collections of judgments, and a law firm like The Lipp Law Firm, PC can assist with business collections to ensure you get the most out of your judgment possible. You will also need to take steps to settle debts of the partnership, wind down the partnership, close accounts, and cancel any licenses, among other requirements.

Do I Have to File a Lawsuit to Dissolve My Partnership?

No, it is not always necessary to file a dissolution lawsuit to dissolve your partnership, and it can sometimes be much easier to dissolve your partnership without getting the court involved. First, you will want to have a business lawyer review your partnership agreement to see how you can dissolve your partnership, and what steps are needed. If you do not have a partnership agreement, don’t worry – a savvy business lawyer, such as the lawyers at The Lipp Law Firm, PC, will help you navigate dissolution of a partnership without a partnership agreement.

A business lawyer can help assess your partnership situation, and advise the most efficient way to dissolve the partnership. This will typically involve trying to reach a dissolution agreement with your business partner(s). If negotiations are not fruitful, and you are not able to reach a dissolution agreement with your business partner(s), then you may need to file a lawsuit to dissolve your partnership.

Dissolving Your Partnership – Get Legal Assistance From An Experienced Business Law Firm

The process of dissolving your partnership can be complicated, time consuming, and stressful. It’s important to seek legal counsel to make sure your rights as a business partner are protected, to ensure legal compliance, and to make sure you don’t get taken advantage of by your business partner(s). Contact The Lipp Law Firm, PC today to get help with your partnership dissolution.

Kathryn Megan Lipp

Katie dedicates her practice to employment separation guidance.
Based on her successful employment litigation practice...Read More