An Accounting Can Be One Of The Most Effective, Efficient Methods To Resolve Partnership Litigation

Disagreements between business partners are virtually inevitable. Even if you are largely on the same page, there may come a time in which you and your business partner have different visions for the future or different solutions for a problem. When a disagreement between business partners grows into a dispute, it is crucial that you take action to resolve the matter as quickly as possible.

Unfortunately, some partnership disputes are difficult to resolve—particularly when they are centered on the finances of the business. Litigation may even be required. For partnership disputes, a legal tool called an accounting may be one of the most effective and efficient methods to navigate litigation. Here, our Miami partnership dispute lawyers the key things that you need to know.

A Partnership Accounting: What is it? 

Similar to other U.S. states, Florida is a signatory to the Revised Uniform Partnership Act. Under Florida’s business partnership laws, courts have the authority to oversee a legal process known as an accounting. Here is how accounting works in partnership litigation:

• Partnership Accounting: When requested and approved, a Florida court can review all of a business partnership’s commercial transactions. After doing so and hearing each side’s argument, the court can then divide assets, liabilities, and partnership interests in a manner deemed fair and equitable given the specific circumstances of the case.

In other words, an accounting is a litigation tool whereby one party calls upon a court to step in and simply decide on what type of arrangement is fair and proper given the specific circumstances. 

Why a Partnership Accounting May Be an Effective, Efficient Tool in Litigation 

For a number of different reasons, accounting can be an effective and efficient tool in partnership litigation. Ideally, parties can benefit from resolving a partnership dispute prior to litigation—potentially in a mediation or through negotiation. However, if litigation proves to be necessary, accounting can help you move the partnership dispute forward in the process faster. It essentially empowers a Florida court to recharge a faster and more cost effective resolution. 

Every Commercial Dispute is Unique: Professional Representation Matters 

Whether an accounting is a viable option to resolve your partnership dispute depends on a wide range of different factors. The specific facts of the case always matter. To protect your rights and your interests, consult with an experienced South Florida partnership dispute lawyer at the earliest possible opportunity. An attorney will be able to review the circumstances of your, help you weigh all of your available options, and develop a strategy to address the issue. 

Set Up a Completely Confidential Consultation With a Miami Partnership Lawyer

At Pike & Lustig, LLP, our Miami-Dade County business lawyers have extensive experience handling partnership disputes, including partnership litigation. If you have specific questions or concerns about accountings and partnership disputes, we can help. Call our Miami law office today for your confidential initial case evaluation. We also represent clients from our office in West Palm Beach.

Resource:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0620/0620PARTIIContentsIndex.html