In my many years as an experiencedAtlanta business attorney, I have witnessed countless business persons begin business partnerships with the best of intentions, only to find themselves in drawn out litigation or disputes. In a high profile partnership dispute case, the Atlanta Journal-Constitution reports that the Atlanta Spirit co-owner Steve Belkin has until Thursday, February 25th to pay $2 million or lose his stake in the partnership. The eight-person partnership has been fighting in court since 2005 to determine how much seven of the group must pay Belkin to buy out his 30% interest.
Belkin is part of a partnership bought the Hawks, Thrashers and Phillips Arena operating rights from Turner Broadcasting System in 2004 and shared voting power equally among three subsets of owners. Like many failed business partnerships, the group almost immediately began having disagreements and losing money.
Our Georgia business dispute lawyers see partnership disputes arise all the time, between partners, shareholders and family members. This is true for all kinds of business and over a wide variety of business matters. Moreover, the poor economy has caused more and more businesses to lose money. As such, business partners are blaming each other for the company’s failure and fighting over the company’s assets and future. As a result, many partnerships all across Georgia and the nation are floundering.
If your Georgia based business is suffering from internal disputes, disagreements and financial losses, you need an experienced business lawyer in Atlanta to be on your side and help you determine several issues such as:
• Do you want to sell your company?
• Do you want to retain control over the business?
• Do you want to operate the business yourself?
• Do you want to retain your personnel?
It is crucial you have an experienced Georgia business attorney with you to determine what your options are in the case of a break up. Typical solutions include settlement, buy-out, sale or distribution of the business, and arbitration.
If your partnership or business is failing or if you are in the midst of a partnership dispute, please contact the Atlanta Business Law firm, The Libby Law Firm to help you undertake to protect your business interests.