Disputes arise often between owners, shareholders or members of a business. Whether the business is held as a corporation, LLC, joint venture, or partnership or between family members is irrelevant. A dispute between the owners of any business is referred to as a partnership dispute.
A partner, shareholder, member or owner of a business in New York is governed under the fiduciary right and duty imposed by New York Law. Fiduciary duties and obligations are owed between the owners of a business to one another.
Fiduciary duty requires that partners interact with each other with good faith and loyalty when dealing with the business and especially with the business assets including the organization’s customers and bank accounts.
Common partner disputes include:
- Breach of shareholder or operating agreement
- Breach of duty of good faith and fair dealing
- Diverting company funds
- Misappropriation of business opportunity
- Failure to provide accounting
- Officer or Director misconduct
- Breach of confidentiality agreement
- Freeze out/squeeze out of minority partner
- Dissolution of Corporation
- Dissolution of Partnership
- Breach of fiduciary duty
- Misappropriation of company assets
- Misappropriating company clients
- Failure to pay or make partner distribution
- Failure to allow access to books & records
- Real property partition proceedings
- Breach of non-compete agreement
- Failure to declare a dividend
- Dissolution of LLC
- Inability of partners to agree