Partnership Accounting: How Does Discovery Work?
Accounting can be one of the most effective, efficient methods to resolve a business partnership dispute in Florida. The initial discovery process is limited with an accounting. This is one of the reasons why the process can be faster. Here, our Miami partnership dispute attorneys explain the key points to understand about discovery works in an “accounting” in Florida.
Partnership Dispute: What is Accounting?
An accounting is an alternative to traditional litigation that can sometimes be an option to resolve a partnership dispute in Florida. An accounting can be most effective if the core nature of the dispute is financial. As explained by The Florida Bar, an accounting involves a thorough, court-supervised, review of a partnership’s finances and financial activities. Along with other things, it involves examining records like expenses, revenues, and distributions. The goal is to resolve disputes by clarifying the financial facts.
Understanding Discovery
Discovery is a key aspect of litigation. It is the part of the process where the parties to a dispute are required to exchange information that is relevant to the case. Discovery allows each side to gather evidence, understand the opponent’s arguments, and prepare for trial. What happens during discovery will vary based on the specific circumstances of the case. That being said, discovery in business litigation may include:
- Submitting written questions (interrogatories);
- Requesting the production of documents;
- Conducting depositions (interviews under oath); and
- Asking for admissions of fact.
Limited Discovery in Partnership Accountings
In a partnership accounting in Florida, the scope of discovery is initially limited. The initial phase of discovery is focused on whether or not a full accounting is warranted. It is a streamlined approach that saves time and money compared to traditional litigation. By narrowing discovery to essential inquiries, parties avoid the extensive and cumbersome process of full discovery—which involves detailed document exchanges, extensive interrogatories, and, often, many depositions—Limiting discovery in this context helps to quickly identify the crux of the dispute.
An Attorney Can Help You Navigate a Partnership Dispute
Partnership disputes are complex. An attorney can be invaluable in navigating these challenges. Your Florida business lawyer will have the experience and expertise to understand the nature of the dispute and ensure that your rights are protected. Your lawyer can interpret a partnership agreement, gather evidence to build your case, represent you during negotiations, and take action to protect your financial interests. Depending on your case, this could include the management of the limited discovery process in a partnership accounting.
Set Up a Confidential Case Review With a South Florida Partnership Dispute Lawyer
At Pike & Lustig, LLP, our Florida partnership attorneys are solutions-focused advocates for clients. Have questions about the discovery process in a partnership accounting? We are here to protect your rights and your interests. Contact our legal team today to set up your completely private, no obligation case assessment. With an office in Miami and another office in West Palm Beach, we represent business partners in disputes throughout South Florida.
Source:
floridabar.org/the-florida-bar-journal/the-most-efficient-way-to-litigate-a-dispute-between-business-partners-with-axes-to-grind-partnership-accountings/#:~:text=Under%20Florida%20law%2C%20an%20accounting,its%20relationship%20with%20another%20party
