South Carolina Attorney: Joe Griffith Law Firm : White Collar Crime, Criminal Defense, Business Litigation, Business Disputes
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frequently asked questions  


Business Disputes FAQS

What 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 us to discuss your case.

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Joe Griffith Co-Authors Book On Health Care Fraud Joe Griffith Co-Authors Book On Securities Fraud
 
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