frequently asked questions
Business Disputes FAQSWhat is business law?
What is commercial litigation?
What are some common types of complex commercial litigation?
What should I do if I am involved in a commercial litigation
dispute?
What is alternative dispute resolution?
What is a breach of contract and what damages can I recover in the
event of a breach of contract?
I am a partner in a business and one of my partners is threatening
to dissolve and take over the business. What should I do?
What are the primary consequences of the failure to
incorporate?
Do shareholders have any legal responsibility to one another?
What is business law?
Business law
encompasses rules, statutes, codes, and regulations established to
govern commercial relationships and provide a legal framework within
which businesses may be conducted and managed. Business law is
highly diverse and includes areas such as:
- Banking and finance law
- Business formation and organization
- Business negotiations
- Business planning
- Transactional business law
- Acquisition
- Merger
- Divestiture
- Sale of businesses
- Business litigation
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What is commercial litigation?
Commercial litigation is the broad area of law that deals with
resolving disputes in business and commercial settings stemming from
professional and commercial relationships through alternative
dispute resolution methods and court trials. Commercial litigation
can cover a variety of civil law matters on both state
and federal levels.
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What are some common types of complex commercial
litigation?
Common types of complex commercial litigation may include:
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What should I do if I am involved in a commercial
litigation dispute?
One of the most important things you can do is to retain all
paperwork regarding the dispute. A paper trail will assist your
lawyer in preparing your case with documents that support your
position. Contact an experienced commercial litigation lawyer at
the Joe
Griffith Law Firm, LLC.
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What is alternative dispute resolution?
Alternative dispute resolution is the method by which legal
conflicts and disputes are resolved privately rather than through
litigation. These disputes are usually resolved through either
mediation or arbitration. It typically involves a process less
formal than traditional court proceedings and includes the
appointment of a third party to preside over a hearing between the
parties.
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What is a breach of contract and what damages can I
recover in the event of a breach of contract?
Failure to perform as specified in a contract, or provisions of
a contract, without legal excuse is a
breach of contract. The
following damages can be recovered in the event of breach of
contract:
- Compensatory Damages - money to reimburse you for costs to
compensate for your loss.
- Consequential and Incidental Damages - money for losses
caused by the breach that were foreseeable.
- Attorney fees and costs - only recoverable if expressly
provided for in the contract.
- Liquidated Damages - these are damages specified in the
contract that would be payable in the event of a breach.
- Specific Performance - a court order requiring performance
exactly as specified in the contract.
- Punitive Damages - this is money awarded in order to punish
a person who acted in an offensive manner in an effort to deter
the person and others from repeated occurrences of the
wrongdoing. You generally need fraud to be awarded punitive
damages.
- Rescission - the contract is canceled and both sides are
excused from further performance and any money advanced is
returned.
- Reformation - the terms of the contract are changed to
reflect what the parties actually intended.
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I am a partner in a business and one of my partners
is threatening to dissolve and take over the business. What should I
do?
You should seek immediate advice from an experienced Joe
Griffith Law Firm, LLC attorney. Your lawyer will advise you on your
rights and obligations as a partner and assist you in keeping your
business operating.
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What are the primary consequences of the failure to
incorporate?
Failure to incorporate as a corporation or limited liability
company ("LLC") can expose an individual to personal liabilities. In
addition to bank debts, an individual owning an unincorporated
company may be liable for:
- Damage awards in lawsuits
- Tax deficiencies and penalties
- Back wages and benefits
The limited liability offered by incorporation shelters business
owners from personal liability. Some insurance can also help cover
business owners, directors and officers. However, if an owner or
director performs certain personal acts, behaves illegally, or fails
to uphold statutory requirements for corporate status, he or she may
face personal liability despite the corporate shelter.
Contact the Joe Griffith Law Firm
if you have been sued to discuss your litigation
options.
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Do shareholders have any legal responsibility to
one another?
Traditionally, shareholders have no
special responsibilities to one another. In closely held businesses,
however, majority shareholders can damage the interests of small
shareholders. Since most investors do not want to buy closely held
shares, minority shareholders have few options when their interests
are compromised. In response, courts developed fiduciary duties
among shareholders of closely held businesses.
Contact the Joe Griffith
Law Firm, LLC to discuss your shareholder responsibilities and
rights.
For more information, please see our page on
Business Litigation
Claims.
If you have additional questions, please
Contact The Law Firm to discuss your case.
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