Every day, someone pools their resources and talents with a partner and starts a new business. This is an exciting and challenging time, especially in a partnership. Consider it the honeymoon period. While some partnerships start with 50/50 investments in the business, many do not. Many businesses start with one partner supplying the money and the other supplying the technical expertise. This often means that one partner is complaining about expenses while the other partner is doing most of the work. Too many partnerships end with serious internal conflicts (screaming at each other behind closed doors). In far too many cases, any initial partnership agreement was poorly drawn and doesn’t provide for an equitable way to dissolve the partnership.
Once the partnership has regressed to the divorce stage, there are a lot of issues to be resolved. Will the business be closed or continue to operate? If the technical/working partner has been drawing a salary and the financial partner has not, how does this affect the split? If there is no way that the business can repay in full the financial partner, does he have the right to sell business assets? By this time, the financial partner just wants his money back, however he can get it. The working partner has been putting in 16 hour days for a salary that barely covers his living expenses. He believes that the business will succeed, but just needs more time and less interference from his partner.
It’s almost guaranteed that the partners will not be able to resolve this alone. Emotions and tempers are running too high. Neither one really knows what their options are, or what their legal rights and responsibilities might be.
The Carter & Valle Law Firm, P.C. has attorneys with substantial, successful experience in many areas of the law, including business and commercial litigation. The firm has over 130 years of experience helping people find answers to their problems. Their professional legal teams have expertise in will, estate and probate law, divorce and domestic relations, insurance law, government claims, wrongful death and personal injury cases. Whatever the need for an Attorney Albuquerque NM residents know that they can rely on Carter & Valle.
