Partnership Dispute Lawyer Tampa, FL

Our Tampa, FL partnership dispute lawyer knows that the IRS defines a business partnership as “a relationship between two or more persons who join to carry on a trade or business, with each person contributing money, property labor or skill and each expecting to share in the profits and losses of the business.” Many of these partnership businesses are family owned. In fact, half of all small businesses and 35 percent of Fortune 500 companies are family-owned.

Although the majority of companies are family-owned, less than 30 percent of these businesses make it to the second generation of family-owned operations, and even fewer – 12 percent – make it to the third generation. The key reason most often cited is an inadequately conceived or nonexistent succession plan. Statistics show that less than thirty-five percent of business owners have a succession plan currently in place.

Thinking About Business Succession

Developing a business succession plan requires communication between family members as well as the team of legal and financial advisers involved in the process, including a Tampa partnership dispute lawyer. When developed and implemented properly, a business succession plan can help provide financial security for the present and future members of the business owner’s family.

Developing A Realistic Timeline for Succession

It is imperative that a succession timeline is established and implemented to ensure that a family-owned business can continue to prosper. Many times we have clients come to us with questions about a business succession plan that grossly underestimates the length of time it will take to achieve successful implementation. On average, it takes a period of ten years to successfully transition a business to new ownership. However, business owners frequently underestimate and allow for a time period of only three to five years.

Five Succession Questions for Owners to Consider

Owners who are contemplating transitioning their business can begin the conversation by considering the following five questions: 

• What does the business owner want to achieve with the transition?
• What entity is best qualified to assume ownership of the business?
• What entity or entities are most interested in acquiring the business?
• Who are the stakeholders in the business? In business management terms, stakeholders include not only the business owners but the client base, suppliers, employees, and all third-party personnel.
• How amendable is/are the other partner or partners to the succession plans the business owner is making, especially if it involves new ownership?

Call A Business Law Firm Today

When business owners begin to consider their succession ideas and plans it is prudent to consult with an attorney early in the process, especially if there are disputes between the partners. Contact Hoyer Law Group, PLLC to schedule a confidential consultation with a Tampa partnership dispute lawyer and find out what your legal options are.

Types Of Partnership Dispute Cases We Handle

Disagreements between business partners often begin with the interpretation of a partnership agreement. These documents outline each party’s rights, responsibilities, and share of profits or losses. When language is unclear or circumstances change, we work to clarify terms, address breaches, and seek fair resolutions that align with the original intent of the partnership. Disputes may involve decision-making authority, distribution of earnings, or obligations that one party believes have been neglected. Contact a Tampa partnership dispute lawyer from our firm today for help.

Breach Of Fiduciary Duty Claims

Partnerships rely on trust and the expectation that each partner will act in good faith toward the business and one another. When a partner’s actions compromise the partnership’s interests, such as misappropriating funds or engaging in competing business activities, it can lead to a claim for breach of fiduciary duty. Our role is to assess the facts, gather evidence, and pursue remedies that protect the partnership’s financial and operational stability.

Disputes Over Profit Distribution

Profit-sharing disagreements often arise when business earnings are substantial, uneven, or subject to differing interpretations of the agreement. Partners may dispute whether profits should be reinvested, distributed equally, or allocated based on differing contributions of time, capital, or resources. Addressing these disputes quickly helps maintain operations and avoid further strain on the business relationship.

Partner Withdrawal Or Expulsion Issues

When one partner wishes to exit a business or when other partners believe a member should be removed, disputes can escalate quickly. These situations require careful handling to balance legal obligations, financial arrangements, and business continuity. We help structure buyouts, negotiate settlements, and address any contractual or statutory requirements for withdrawal or expulsion.

Valuation Disagreements

Determining the value of a partnership interest is a common challenge during buyouts, dissolutions, or ownership changes. Valuation disputes can involve disagreements over accounting methods, asset appraisal, and the impact of goodwill or liabilities. By working with qualified valuation professionals, we help partners reach fair conclusions supported by clear documentation. Contact a Tampa partnership dispute lawyer from our firm today for help.

Partnership Dissolution Conflicts

Ending a partnership often involves untangling finances, resolving debt obligations, and deciding how to divide remaining assets. Disputes during dissolution can be costly if not managed effectively. We focus on achieving settlements that allow partners to move forward while protecting their financial interests and complying with applicable laws.

At Hoyer Law Group, PLLC, we understand how business relationships can be tested when conflicts arise. As a Tampa partnership dispute lawyer team, we work to protect our clients’ investments while finding effective resolutions that support their long-term goals. Whether the issue involves contractual terms, financial arrangements, or the structure of the business itself, we provide practical guidance and strong representation.

If your partnership is facing disputes that threaten the stability of your business, we are ready to help you address the matter efficiently and with your interests in mind. Contact our team today to discuss how we can assist in resolving your case and safeguarding the future of your business.

Common Causes Of Partnership Disputes

Partnerships can be valuable arrangements for building and running a business. However, disagreements often arise when partners have conflicting goals, unclear agreements, or different expectations. As a Tampa partnership dispute lawyer team, we have seen many types of disputes that can affect both small businesses and larger ventures. Below are some of the most common causes.

Unequal Contribution Of Work Or Capital

One frequent source of tension is when one partner feels they are contributing more time, money, or effort than the other. Disputes often grow when contributions are not clearly defined in the partnership agreement. This imbalance can quickly lead to resentment and conflict.

Disagreements Over Business Direction

Partners may have different visions for the company’s growth or strategy. Whether it’s expanding into new markets, taking on loans, or adjusting the business model, differences in long-term goals can create friction and disputes.

Poor Communication

Lack of open and consistent communication can fuel misunderstandings. When partners don’t discuss key issues, decisions may be made without agreement, leading to frustration and conflict. A Tampa partnership dispute lawyer can often help resolve issues that stem from these breakdowns in communication.

Mismanagement Of Finances

Money is one of the most common triggers for disputes. Disagreements may arise over how profits are distributed, how losses are covered, or how business funds are managed. Even when both parties are honest, differing views on spending or reinvestment can cause major conflict.

Breach Of Fiduciary Duty

Each partner has a duty to act in the best interest of the business. When one partner is accused of acting for personal gain at the expense of the partnership, the trust between partners can break down. This type of conflict often requires legal intervention.

Admission Or Removal Of Partners

Introducing new partners or removing existing ones can be a sensitive subject. Without clear procedures, these changes may spark disputes that threaten the stability of the business. In such situations, working with a partnership dispute lawyer may help clarify rights and obligations.

Personal Conflicts Spilling Into Business

Sometimes, personal disagreements outside of the business can affect the partnership. If the relationship between partners becomes strained, it may spill over into business decisions, slowing growth and increasing conflict.

Ambiguous Or Outdated Agreements

A partnership agreement should address ownership percentages, responsibilities, decision-making authority, and exit strategies. When agreements are vague, incomplete, or outdated, disputes are more likely to arise. Clarifying and updating contracts is often key to avoiding these issues.

Disagreements Over Profit Distribution

While profits may initially be shared evenly, partners sometimes disagree later on whether the distribution should reflect differences in effort, investment, or results. These disputes can damage the business if not addressed promptly.

How We Can Help

At Hoyer Law Group, PLLC, we know how disruptive partnership conflicts can be to your business and your future. If you are facing challenges like those described above, it may be time to work with a Tampa partnership dispute lawyer who can help protect your rights and guide you through your options. We invite you to reach out so we can discuss your situation and provide the support you need to move forward.