Adler Law LLC handles a variety of business litigation, including partnership issues related to investments and sales, operations, breach of partnership agreement, and other legal actions. We understand that the relationship between partners is a sensitive matter that often requires long-term solutions and trustworthy advice. With extensive trial experience through his 15 years of practicing law, Indianapolis business litigation lawyer Michael J. Adler can provide reliable and comprehensive legal assistance to partners in need of guidance or representation.Indiana Partnership Law and Disputes
A partnership is an association of two or more persons to carry on as co-owners of a business for profit. This requires both that the parties have an intention to form a partnership, and that they do so for the purpose of sharing in the profits and losses arising from the use of capital, labor, or skill in a common enterprise. It is important to note that each partner is an agent of the other partners and has the authority to bind the partnership in the business matters of the partnership. Partners are also jointly and severally liable for the debts and obligations of the partnership. In addition, a partnership is liable for loss or injury caused to others by the wrongful conduct of a partner acting in the ordinary course of the partnership business.
Forming a partnership does not mandate any special formalities or registration in Indiana, although a statement may be executed by the partners and filed with the Secretary of State. In many situations, however, it is often beneficial for the partners to execute a written partnership agreement that provides details such as compensation, the duties and responsibilities of each partner, the distribution of profits and losses, and other matters in order to avoid disputes. Without such an agreement, or in cases where the agreement does not address the subject at issue, the partnership is governed by the Indiana Uniform Partnership Act. The partnership dissolves when any partner ceases to be associated in the carrying on of business.
Disputes may arise between partners regarding performance of duties, purchase or sale of partnership assets, acting in contravention of the partnership agreement, deadlock or disagreement regarding the business of the partnership, misconduct, or any number of other situations. An experienced business attorney can assist partners in resolving their differences to continue with the partnership business, identify a solution to dissolve the partnership in the best interests of the parties, or represent a partner in trial if litigation is necessary. A partnership may also become involved in disputes with outside parties. Contracts, for example, are often a significant part of transacting business and frequently lead to conflict. In a breach of contract action, one party fails to perform its duties under the agreement, or has interfered with another party’s performance, without a legal defense. A qualified attorney can represent and protect the interests of the partnership in legal proceedings.Seek Guidance from an Accomplished Indianapolis Business Lawyer
If you or your partnership requires counsel to settle a dispute between partners or represent the partnership in a legal action, the business attorneys at Adler Law LLC have the skill and resources to assist you. Indianapolis attorney Michael J. Adler is a seasoned trial attorney committed to furthering the interests of individuals and businesses in a wide range of legal issues such as shareholder disputes, breach of contract, and commercial torts. Mr. Adler is proud to share his legal experience and dedication to the community as a member of the Indiana Trial Lawyers Association and Vigo County Trial Deputy Prosecutor. We serve areas throughout Hamilton County, Boone County, Marion County, and Vigo County, including Greenwood Carmel, Westfield, Fishers, Zionsville and more. To schedule a free consultation, call Adler Law LLC at 317-635-7880 or contact us online.