HOUSTON BUSINESS LITIGATION ATTORNEYS
Serving Clients in Houston, West Houston, Southwest Houston, Sugar Land, Katy, Copperfield, Memorial, Spring, Northwest Houston, Northchase, Spring Cypress, Champion Forest, The Woodlands, Kingwood, Humble, Lake Houston, Midtown, Memorial, West Oaks, Royal Oaks, Clear Lake, League City, Westchase Business District, Harris County, and Galveston County.
HOUSTON PARTNERSHIP AGREEMENT DISPUTE LAWYERS
Experienced Houston Breach of Partnership Agreement Attorneys
Breach of Partnership Agreements
The vitality and profitability of our businesses depends on the cooperation and efforts of all members of a company, officers and board of directors of a corporations, and all partners in a partnerships. To this end, we enter into partnership contracts and agreements and rely on our business partners to act accordingly. Partnership agreements are intended to serve as a guideline on how we conduct our business with respect to our duties and obligation to the business and to other partners. When one party breaches the partnership agreement, actions must be taken immediately to preserve to viability of our businesses and to protect our interests, as well as those of other partners, members, and shareholders.
The Houston Partnership Contract Dispute Attorneys and the West Houston Breach of Partnership Agreement Lawyers at the Law Offices of Steven Tuan Pham are experienced business attorneys with over 50 years of combined business and business transactions expereince and over 10 years of combined legal experience in business drafting, contract reviews, and commercial litigation. Our Houston Partnership Dispute Attorneys and our Southwest Houston Partnership Contract Litigation Lawyers can assist you in reviewing and drafting Partnership Agreements, Operating Agreements for your LLC, or By Laws for your corporation. After consulting with our Houston Partnership Agreement Attorneys, you will have a better understanding of your rights and obligations under such contract or agreement, whether a party breached such contract, and what actions may be taken to protect your interest and to hold the alleged party liable for your damages and to those of the company or corporation. Please contact our West Houston Breach of Partnership Contract Lawyers and our Southwest Houston Partnership Agreement Attorneys at 713-517-6645.
Partnerships in Texas can be structured in more than one way. For example, a partnership can be a limited partnership or a limited liability partnership. The partnership agreement governing the partnership does not have to be filed with the Texas secretary of state, but with a limited partnership, the certificate of formation must be filed and with a Texas limited liability partnership, the entity must be registered with the secretary of state.
Partnership agreements address issues such as the term of the partnership, the amount of capital investment, how profits and losses are distributed, salaries, management duties, what happens upon the death of a partner, partner authority and how disputes are handled. Without a partnership agreement, a business is at risk for failure. It is imperative that business partners understand fully their individual rights and obligations regarding their business venture in order to settle disputes that arise in everyday business matters. In the absence of an agreement, the parties run the risk of allowing state law to dictate how your business runs. Don’t let this happen to your business!
Necessary Actions To Protect Your Business
If a partner breaches the agreement, resolution can be had through a suit for damages in the name of the business. In the event of breach of the agreement by a partner, the other partners can choose to allow the partner to stay a partner, expel the partner under the terms of the agreement, or file suit against him. In either of these options, the partners should seek advice of a competent Houston partnership agreement attorney at the Law Offices of Steven Tuan Pham who can set out a course of action designed to minimize further losses and seek damages against the offending partner.
Partnership agreements also deal with the issue of dissolution. Dissolution can occur when the partners decide to stop associating with each other or if there is a triggering event that changes the makeup of the partnership. Dissolution can also be the result of a breach of the partnership agreement. During the dissolution phase of the partnership, performance of contracts in which the partnership is a party continue as well as the payment of partnership debt obligations and the collection of outstanding debt owed to the partnership. The partners can decide to liquidate the partnership assets and distribute the assets according to the partnership agreement or, in the event the partnership is to continue under a different structure, a new partnership agreement can be drafted to reflect such change. The dissolution process in complete with the termination of the legal partnership entity. During the dissolution process, the partnership is still a viable entity and can be sued as well as continue to do business, but will not be able to enter into any other long term transactions.
If you believe that your business partner(s) have breached the partnership agreement, an investigation into the facts should begin immediately. Consulting with the Houston Partnership Agreement Lawyers and the West Houston Partnership Dispute Attorneys at the Law Offices of Steven Tuan Pham will enable you to preserve your business assets and profits throughout the process and quickly resolve the dispute in a quick and efficient manner with the least disruption to the business. In many cases, you may need to file suits as quickly as possible, including filing for a temeporary restraining order (TRO) and a temporary injunction, to preserve corporate documents from being destroyed. Further, because there is a great chance that the breaching partner(s) may further damage the business or create liabilities for all partners, a Court Apppointed Receiver may be requested to safeguard against further damages to your business. Contact the Houston Business Litigation Attorneys and the Southwest Houston Breach of Partnership Contract Lawyers Law Offices of Steven Tuan Pham today by calling 713-517-6645.
Each breach of partnership agreement suit (breach of contract cause of action) is unique depending on the fact and the contract, if any, in which you agreed and signed with the opposing party. You should NOT rely on the information on of this web site in replacing a personal consultation with an experienced Houston Breach of Partnership Agreement Attorneys and the West Houston Partnership Litigation Attorneys at the Law Offices of Steven Tuan Pham There may be legal issues in which you may not be aware. Please feel free to contact our West Houston Partnership Dispute Attorneys and our Southwest Houston Partnership Agreement Litigation Lawyers at the Law Offices of Steven Tuan Pham today at 713-517-6645 or complete our Contact Form.