By Fredrick P. Niemann, Esq. a New Jersey Shareholder Lawsuit in New Jersey Attorney
If you are sued by your business partner because of alleged improper action on your part, what remedy will he or she seek?
Many people assume that, when your business partner sues, it is like any other case for damages like lost profits, restoration of benefits or withdrawn funds. I have been asked to handle cases where a partner was beyond what was understood or agreed to. But a case for economic damages may not be the best available option.
In most cases, when a business partner (often a majority owner) takes excess funds from the company, the right to seek reimbursement of the funds improperly taken belongs to the company.
However, a better remedy may be available. A co-owner instead may allege shareholder oppression, and seek the right either to buy out his business partner or to be bought out. It is up to the judge to determine who will be the buyer, and who will be the seller. Therefore, a business owner must understand that he may file the suit looking to buy out his co-equal shareholder, only to have the judge rule that he must sell, instead.
An attorney experienced in such lawsuits can often help a client assess what the most likely outcome in such a case may be, and how to focus the case to help achieve the desired result.
Contact me personally today to discuss your shareholder lawsuit or business dispute matter. I am easy to talk to, very approachable and can offer you practical, legal ways to handle your concerns. You can reach me toll free at (855) 376-5291 or e-mail me at email@example.com/.