Business Litigation Related Questions
Do you want to know about business litigation? Or, is litigation likely if a partner opens a competing firm without the other person’s knowledge? Most businesses work together in many different ways which includes business transactions, contracts, mergers, and so on. In the course of these different transactions, conflicts, disagreements or wrongful acts are bound to occur, requiring litigation. Experts online can provide more information on various aspects about business litigation.
Read below Experts answers to a few questions related to business litigation.
Can a business partner open another firm to compete with the existing company, without the knowledge or approval of the other partner?
If the existing business is currently operational/functional and the partner is competing in the same market, it can be considered as a ‘breach of fiduciary duty’ of the partner. Based on this, a business litigation can be filed against the erring partner, on behalf of the partnership. Since this type of a suit can be expensive as well as complicated, it may be a good idea to first try and mediate the dispute, typically, through a dissolution of the partnership. This helps reduce transactional expenses in separating oneself from the other partner and simultaneously maximizing profit from the transactions of the existing business/partnership. Based on the size of the partnership, a business litigation attorney should be hired because such matters seldom get resolved without early and firm intervention.
Is a business litigation possible if two separate companies previously shared the same address and one of them start a similar business in the same location?
Case Details: One company remains in the same location while the other relocates.
A business litigation is unlikely if there is a written agreement which states that both businesses mutually agree not to open the same type of work/trade in the original shared address. However, if this is not present and there is no writing between the two companies not to compete with one another, no legal remedy or business litigation is available for the aggrieved business.
What business litigation action can be taken against a broker who trades without specific instruction or permission from the customer?
The first option is to approach the stock broker to try and resolve this matter informally or through discussion. If the broker does not comply with the requests or instructions, there would be a need to contact the United States Securities and Exchange Commission (SEC) to get more information on how to file a complaint against the broker with any of the offices that operate in the securities industry.
Can a sole proprietorship be converted to a partnership or LLC since two parties are equally engaged in the business?
Typically, an LLC would be the right business structure since it provides protection from personal liability, tax benefits become available to the company and members/owners and is simpler to operate compared to other business structures such as an S-Corp, C-Corp, and so on. Creation of an LLC is fairly simple and once it is set up, it can be operated in the same manner as a proprietorship while being protected from personal liability.
Is it permissible to use a famous athlete’s name, to name an item in a business?
Generally, it is not legal to use a famous person’s name since they have right to control the use of their likeness or images. It is also illegal for a third person to profit from their image, without consent. Moreover, famous persons or celebrities usually trademark some aspect of their name, image, and so on; thereby making it a violation of trademark if used without permission. Additionally, if the athlete has a contract with sponsors, those companies too, have a right to bring about a business litigation for interference with their rights. Therefore, the only way to use the name is by obtaining explicit consent from the athlete.
What rights does a person owning 24 percent of a 75-acre farm land property enjoy?
The first aspect is the right to use the property as an owner in order to use the entire estate or land, specific permission is necessary else it cannot be used at all. One needs to have an agreement or court order which states that 24 percent of the land belongs to a particular person. If this is not present, there may be a need to file a partition lawsuit or business litigation in court to have the property divided. This will provide a clear, judicial determination of the parts of the property.
In Tennessee, how long does a publisher need to maintain copies of royalty statements and payments to authors?
Generally, the IRS recommends that the records should be maintained dating back to at least five years. In Tennessee, however, claims for breach of contract or for collecting on an account is six years, unless a written contract states differently. Therefore, it would be a good option to establish a filing system which maintains records until the statute of limitations expires. This would be a minimum of six years as mentioned previously. Maintaining records longer than this too would be a practice that can be adopted without any issues or problems either.
Business litigation questions can often be very complex and vast since it covers a wide array of subjects or topics. Though there may be many sources to get information, Experts can be the right source to obtain accurate and customized knowledge about business litigation. To ask specific questions, contact verified legal Experts online for quick and economical answers, from the comfort of your home.