Limited Liability Partnerships (LLP) and Disputes
As a business owner, a legal dispute is one of the last things you want to deal with. Disputes take time, money, and focus. A dispute with a customer, client, or another company is challenging enough—it is even more difficult when there is a serious disagreement within the company, between the business partner. If you are a member of a limited liability partnership (LLP) and you are involved in a partnership dispute, you need to know how to protect your legal rights and financial interests.
What is a Limited Liability Partnership (LLP)?
Limited liability partnerships are useful business structures in many different professional industries. To be legally valid in our state, an LLP must be registered with the Florida Division of Corporations.
A limited liability partnership is a type of partnership where some (or all) of the partners have limited liabilities to each other. In general, this means that the individual partners are not liable for professional malpractice on the part of another partner.
As an example, many accounting firms are structured as LLPs. If a one accountant (a partner at an LLP) is sued for professional malpractice, neither the other partners nor the LLP as a whole is liable if that first partner is found responsible for professional misconduct.
Three Steps to Protect Yourself in an LLP Partnership Dispute
Partnership disputes can arise for a wide range of different reasons. Regardless of the specific circumstances, there are certain steps that you should take to protect your personal interests and your business interests. Here are three things that you need to do if you are locked in an LLP dispute in Florida:
- Review the Partnership Agreement: Every LLP should have a written partnership agreement. Review the agreement to confirm your rights and responsibilities.
- Know Your Professional Obligations: LLPs are common in professional industries (law, medicine, tax, accounting, engineering, etc). In some cases, LLP members have professional obligations. Make sure you know your duties to clients/potential clients.
- Get Professional Help: Disputes happen. You should work with a Florida partnership dispute lawyer who can help you get the best possible result. Whether that means finding a solution in mediation or dissolving the LLP and starting over, your lawyer will protect your rights.
Partnership disputes are time-sensitive cases. The longer a disagreement between partners at an LLP is allowed to persist, the more difficult it is to find a solution. Be proactive. The sooner you address a problem, the best you will be able to protect your personal and professional interests.
Call Our West Palm Beach Partnership Dispute Attorneys for Help
At Pike & Lustig, LLP, our West Palm Beach partnership dispute lawyers are here to help you find the best solution. If you are involved in a limited liability partnership (LLP) dispute, we are more than prepared to help. Get in touch with us right away for a completely confidential consultation. Our law firm represents clients partnership disputes in West Palm Beach, Miami, and throughout all of Southeastern Florida.
Resource:
dos.myflorida.com/sunbiz/search/guides/gp-llp-partnership/
