From conflicts with partners to breaches of contract, every business owner can expect to encounter a dispute at some point. Legal disputes involving your company can be costly and time-consuming — and it’s important to identify and address these matters as soon as they arise. While a knowledgeable business dispute attorney can answer your questions based on your specific circumstances, the following are some of the most frequently asked questions when it comes to business conflicts:
Business disputes can encompass a wide range of conflicts. Disputes can occur across various industries between partners, with vendors, employees, and even clients. Common disputes can include breaches of contract, shareholder disputes, intellectual property disputes, financial disagreements, breaches of fiduciary duty, and issues involving fraud or misrepresentation. Business conflicts can also arise in connection with non-compete agreements, non-solicitation agreements, deceptive trade claims, real estate issues, and compensation matters.
As a business owner, you shouldn’t wait until a dispute occurs to contact a business law firm. Not only can a good business litigation attorney assist you in the event of a conflict, but they can provide crucial guidance for a wide variety of business matters at every phase of your company’s development. A business attorney can also help ensure you have the appropriate mitigation measures in place to avoid disputes before they arise.
Although it is sometimes unavoidable, litigation is not always necessary to resolve business disputes. There are several ways business owners may resolve their disputes without going to court. Mediation, arbitration, and negotiation are all forms of alternative dispute resolution that can be used to resolve conflicts outside the courtroom efficiently and cost-effectively. In addition, these methods of resolving disputes can also provide business owners with privacy and allow them to have more control over the outcome.
If you are facing a business dispute, a skillful business dispute attorney can assess your case and determine whether it is in your best interests to file a lawsuit. It’s typically a good idea to attempt to resolve a dispute before resorting to litigation — but if settlement talks fail or the other party is not willing to negotiate, it may be necessary to pursue a claim in court.
Every business lawsuit is different. The amount of time it will take to resolve a business dispute can depend on the complexity of the issue, each party’s willingness to settle the matter, and whether the conflict goes into litigation. If a business dispute is resolved in litigation, the timeline will depend upon the amount of discovery that must be conducted, the court’s calendar, the number of witnesses in the case, and various other factors.
There may be a wide variety of remedies available in a business lawsuit, depending on the facts of your case. In addition to monetary damages, you might also be entitled to equitable remedies, such as injunctive relief. Specifically, an injunction is a court order that prohibits a party from acting in a particular way where money damages would not be an adequate remedy.
In the event litigation is anticipated in a business dispute, there are a few things you can do to increase the chances of a successful outcome. Significantly, you should consult with a knowledgeable business dispute lawyer who can advise you regarding your legal rights and remedies as soon as possible. They can evaluate your case and inform you regarding the documentation and evidence you will need to help establish your claim. You may also need to notify your insurance carrier and limit your communication with the other party.
A breach of contract is a serious matter that can significantly impact a company’s bottom line. The law provides several remedies for breach of contract matters. Depending on the facts and circumstances of the case, remedies can include canceling the contract, monetary damages, or restitution. Other remedies can include an injunction or specific performance of the other party’s contractual obligation.
If a company that breached a contract with you owes you money, you may still be able to sue even if it has closed. Critically, if the company failed to dissolve properly, its legal existence has not ended — and you might still be able to pursue a claim against it. These situations can arise if the wrong forms were filed, creditors were not notified, or wind-up procedures were not carried out properly.
If you are facing a business dispute, it’s crucial to have an experienced business litigation attorney by your side who can advise you regarding your options and assist you with achieving a successful outcome. Located in Rolling Meadows, Litico Law Group provides skillful representation to business owners and entrepreneurs throughout Illinois. We welcome you to contact us by filling out our online form or calling 847-307-5942 to schedule a consultation to learn how we can help.