Summary Of Celebrity Partnership Dispute
Partnership disputes can affect everyone, no matter how famous the owner of the business is. Recently, we’ve learned that ‘Shark Tank’ personality Daymond John filed a lawsuit and a restraining order against Al “Bubba” Baker, his daughter, Brittani, and his wife, Sabrina. Mr. Baker was a former contestant on Shark Tank. In the lawsuit, Bubba Q claims that John invested less than he had promised on the show four years ago and has been freezing Bubba Q out of the profits. Meanwhile, Daymond John claims that Bubba Q is undermining the business in violation of their original agreement. Mr. John is seeking to enjoin Mr. Baker and his family from publicly discussing the matter in public and creating a narrative of a “disastrous experience” in the aftermath of the reality TV show. To read more about this celebrity business partnership dispute, click here: Shark Tank’s Daymond John Seeks Restraining Order Against Former Reality Show Entrepreneurs.
Ensure Written Documentation For Your Business Contracts
Business is all about relationships. Even the smartest business people cannot do everything themselves. Smart business people rely on strategic partnerships. The reality TV show ‘Shark Tank’ is a great example of the power of partnership. People with money, such as Daymond John, partner with people with ideas, and hopefully, that partnership works well and makes money for all parties. But as we know, partnership disputes are common, as illustrated in this recent article by People Magazine, where Mr. John is seeking a restraining order against his partners. I don’t exactly know what’s behind it, but I know this is a good example of how partnerships can go wrong. It is actually very common and should be expected. This is why legal agreements are important and good lawyers seek to forecast problems so that they can be resolved easily. Unfortunately, many agreements are drafted poorly and resolutions are difficult. Partnership Disputes is simply a normal part of business, and they should be anticipated. Partners love to sometimes act like a handshake and someone’s word is enough. That is very poor strategy in almost every situation. While handshakes are great, they do very little to explain the terms of the agreement and make everyone clear on their expectations in clearly drafted operative agreements, partnership agreements, shareholder agreements, and joint venture agreements, which is the best way to operate a partnership. Having a good lawyer in business will help to avoid unnecessary disputes, and perhaps allow them to be easily overcome towards a profit by relationship.
Partnership Disputes and How They Affect Your Business
This unfortunate circumstance parallels so many other business disputes. Individuals typically form businesses with high hopes and expectations of profit. Oftentimes, investors and business owners have visions of profits at the start of the business, while profits are still only “pro forma.” It is at this time that agreements must be put in writing; therefore, the agreements are explained and memorialized in a contract. While people may not want to discuss the dissolution of their business at its very inception, it could be too late to memorialize your business relationship. Years later, you may need to rely on the initial partnership agreement that you signed at the start of your business, much like Mr. John and Mr. Baker.
Many companies are formed as a partnership. Such corporate entities can consist of various partners who share common business goals. There are many different types of partnerships that exist in Michigan. Such partnerships include general partnerships and limited partnerships. Some of these partnerships may include various partners or those partners who are in the partnership for a limited duration. A partnership may cause conflicts and disagreements among business partners, which can impact the company overall. Partnership disputes can cause difficulties in fulfilling business goals and the potential revenue of the organization. As a result, they can cause detrimental issues to the business and affect the overall achievements of the company. It can be difficult to work with one another, especially if there are conflicts among the majority shareholder members. Common partnership disputes include misappropriation of business assets, management issues, minority shareholder oppression, and breach of contract.
Breach of Contract Within Partnership Disputes
A common partnership issue is breach of contract. Such agreements may determine the roles and rights of each member. Such roles and rights can guide partnership with their everyday responsibilities as it relates to the business. This can be important to assess each partner’s responsibilities in the business, especially as it relates the company objectives. Instating these business contracts can also include remedies if there is a breach of contract by any members of the partnership. Determining the remedies that individuals may have if partners have breached the contract, allows for successful mitigation of unwanted legal issues. The Law Offices of Barton Morris has assisted many businesses and individuals with breach of contract issues. Our Business Law Services Team can help with assessing one’s rights and responsibilities, especially as it relates to the business. Legal counsel may look to these contracts if there is a breach of contract, to review one’s rights and remedies.
Contact The Law Offices of Barton Morris For Your Partnership Dispute
Many business partnerships face disputes, even a celebrity entrepreneur isn’t immune from partnership disputes. As a Business Owner, it is imperative to have the proper documentation and contracts established to protect yourself and your business. Litigating disputes can become extremely costly, so it is imperative to seek legal counsel when forming a business, and crafting a partnership agreement. This document will ultimately help guide your business to success, and safeguard your business from disputes that could cause further harm to your business. Please contact the Law Offices of Barton Morris to discuss how we can assist you to ensure a partnership dispute does not derail your business endeavors.
For a limited time, we are offering you a complimentary partnership agreement review by one of our skilled business attorneys. We hope you take advantage of this free offer. Let us identify weak spots in your agreement, helping to safeguard your investment. Contact us today.