Launching a Successful Business

About Hiring An Attorney For A Family Business Dispute

Is your family business at risk of shutting down due to an internal dispute involving money? If you intend on taking the dispute to court in an effort to settle things, you might want to hire a business attorney. He or she will be able to assist with settling the dispute via mediation, which is a more cordial way of handling the concerns of all parties involved. In this article, you will discover a few of the ways that an attorney can assist with your family business dispute.

You Will Have the Opportunity to Explain the Problem

Before your case can be handled, you will have to explain why there is a money dispute in your family business. You must be honest about all of the information provided, even if it isn't in your favor. For instance, if a co-owner took business money for personal needs because you did the same thing years ago, you should let the attorney know. Being honest allows an attorney to come up with the best solution to the problem, which might result in a faster resolution. Be prepared to possibly answer personal questions, such as how your relationship is with the other party.

The Attorney Will Determine What Can Be Done Legally

After hearing your complaint, the attorney will determine how you can legally resolve the dispute. If someone has been taking business money for personal needs, the attorney might hire an investigator to gather evidence. The bank account of the person in question might be investigated for any unusual deposits. You will likely be asked to provide the financial records of the family business. Any contracts that were signed by the other party when the business began will also be needed by the attorney. For instance, a contract might have details in regards to the terms set for withdrawing money from the business account.

The Other Party Will Be Contacted About Mediation

Mediation is ideal because you don't want a long court battle to possibly end your relationship with the other party. After evidence has been gathered, your attorney will contact the other party to find out if he or she will agree to attend a mediation session. If he or she is ok with mediation, evidence will be presented and all parties involved will be able to communicate without arguing. Handling the dispute via mediation can possibly lead to a mutual agreement and not having to close down the family business. Consult with a business attorney as soon as you are ready.