If your business arrangement is a partnership, there are unique legal obligations and complications that come with it. In setting up the partnership, maintaining and even if seeking dissolution of partnerships, there are requirements you should be aware of and seek legal advice about.
Setting up a partnership is done through a contractual agreement. Therefore to ensure your rights are protected, you may wish to seek advice in drafting, negotiating, or reviewing the agreement. Being proactive when it comes to partnership agreements to avoid later conflict is a good way to protect your interests when starting out.
If you are already in a business partnership, it is important that you understand the nature of your duties and how they may be breached. Because your assets, debts, and legal liabilities are shared, you will owe a fiduciary duty to your other partners (and vice versa). If you are unsure about your specific fiduciary duties and breach of fiduciary duty about any specific conduct, you may wish to employ legal services.
Breaches of fiduciary duty can arise when someone has improperly obtained a profit or advantage from their situation, or if there is a conflict of interest with their role as a partner in the partnership. Business disputes may flow if you think you may have breached a fiduciary duty, or you suspect a partner of having done so.
In the event you would like to dissolve a partnership, there are various legal requirements and we can help to resolve the issue and conclude the partnership with as much ease and as little hassle as possible. Our law firm provides legal services on the Gold Coast and surrounding areas.
Aitken Whyte Lawyers
Level 6, 9 Lawson St, Southport
Ph: +617 5596 9099