A business breach could occur in many ways, depending on the specific terms of your agreement. Nevertheless, if your business partner failed to adhere to the terms of the agreement, you may need to escalate the matter and take legal action, especially if the breach wound up damaging the company.
Assessing Your Options
Addressing issues with a business partner is not always easy.When a breach of contract has occurred, it is in your best interest to approach your business partner calmly and assess the situation rationally and responsibly.Before taking any action, you may want to go over your agreement to refresh your memory on the terms. Your contract may address the steps you both agreed to take in the event of a breach.
In some instances, a breach of contract may potentially lead to damages to the company. If this is the case, you may need to consider filing a civil claim against your business partner and pursue financial restitution.
Negotiate a Settlement
For various reasons, it may be possible for you to want to continue with your partnership despite the breach. Nevertheless, you may also desire some form of restitution for the breach. This is where your business lawyer in Los Angeles will navigate and negotiate a settlement between you and your partner.
Expel the Business Partner
Furthermore, there are instances where the business partner’s breach was so serious that you may need to consider expelling your partner from the company and sever ties with them completely. However, before going down this path, you need to consult with a reputable business lawyer in Los Angeles to determine whether your partnership agreement even allows for the expulsion of one partner or whether you would have to dissolve the partnership entirely.
Have Questions? Speak to an Experienced Business Attorney in Los Angeles Today
Hakim Law Group represents an array of entrepreneurs, operating companies, venture capital firms, and financiers in the education, fashion, finance, health care, internet and social media, technology, real estate, and television industries. Whatever business issue you need addressed, the professional business attorneys at Hakim Law Group are here to help. For further information or to schedule an appointment please contact HLG at 310.993.2203 or visit www.HakimLawGroup.com to learn more.