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Creating a new business is no small undertaking. As a result, most businesses are the product of the combined efforts of two or more people. These people are known as business partners. Being partners in business means that the parties share in both the financial gains and losses of the company. The degree to which each partner shares in these gains and losses depends entirely on the type of business partnership that exists. Each partner might be equally liable for business losses caused by another partner or share equally in the profits of one another; each partner may be personally liable for their own losses and personally gain from the profits; or a partner's share in the gains and losses of the business might depend upon the percentage of the business that she owns.

While these kinds of partnerships exist largely throughout the United States, business partnerships are subject to the relevant laws within their state. Each state may have its own laws which recognize additional specialized types of partnerships. Such laws might include additional benefits and protections from liability.

There are many benefits to having a business partner, but as with any time two or more people work closely together, disagreements are bound to become an issue. If the partners are unable to resolve the dispute on their own, it may become necessary to bring in a neutral third party, such as an attorney with experience in resolving business disputes. Some of the types of disputes that can involve business partners include:

  • Breach of fiduciary duty to the business, or to other partners;
  • Disputes over partner contributions or division of ownership;
  • Embezzlement or misuse of company assets;
  • Disputes regarding the withdrawal of a partner, or the admission of a new partner;
  • Disputes regarding a partner's death, divorce, or personal bankruptcy;
  • Disputes over a merger;
  • Dissolution of the partnership;
  • Joint venture disputes; and
  • Intellectual property or trade secrets.

If the partners are unable to resolve the dispute themselves, they may choose to have a court settle the dispute for them. However, there are alternative means which are easier and less costly than the extreme of going to court. These options include mediation and arbitration and have the benefit of helping the partners to resolve the dispute in private.

Whenever business partners are involved in a dispute, it is usually in the best interest of the company to handle the dispute quietly and the attorneys at DiTommaso Lubin have the skills and experience necessary to do so.

One example of a business partnership is the one between baseball players and the player's union. Alex Rodriguez, a player for the New York Yankees, was involved in a legal battle in which he alleged that he was wrongly accused of using illegal performance-enhancing drugs. As a result, he was banned from playing baseball for the entirety of the 2014 season. Although Rodriguez initially fought the accusations in arbitration, he was unsatisfied with the result and took his claims to court. In his lawsuit, Rodriguez alleged that the player's union breached its duty to fairly represent Rodriguez in the arbitration process.

In arbitration, as much as in lawsuits in court, having competent representation is always of the utmost importance. The attorneys at DiTommaso Lubin have decades of experience handling business disputes. With offices located in Oakbrook Terrace and Chicago, Illinois, We have had success in helping clients seek relief in business disputes all over the Chicago area and across the country. To consult with a skilled attorney today, you can contact us online or give us a call at 877-990-4990.