Facing issues with your business?
Whether you’re the owner of a large or small business, issues can and do arise.
The complexity of these issues can vary greatly depending on the circumstances, the parties involved and many other details of your particular situation.
There can be a lot of confusion in any given circumstance about the rights, duties and responsibilities you face in running your business, and whether or not those duties arise exclusively from contracts, the nature of the parties’ relationship, or even by statute.
These issues may involve:
- Disputes between shareholders, partners or members in an LLC or other corporate structure;
- Breach of Fiduciary Duty by a shareholder, member in your company, an attorney or a trustee for your company’s 401(k) plan; and / or
- Alleged breaches of contractual relationships of other parties that you know about;
And the list goes on. These are but a few of the possible claims your company may have now or face in the near future.
General Principle and Exceptions
There is a general legal principle that states that when a duty arises in contract, essentially the contractual duty governs and no other duties will apply. However, exceptions exist to this principle, particularly when the person at issue or company has a special relationship with your business, such as an attorney, a CPA, an architect, or someone acting in another fiduciary capacity such as a trustee.
Also, it is not always as easy as it may seem to distinguish whether duties arise by contract or by the circumstances surrounding the relationship, or even by statute (in the case of a 401(k) trustee / fiduciary under ERISA).
These questions may include:
- Managing liabilities;
- Are certain risks / claims you face insurable, and / or require your insurance to defend the lawsuit filed against you;
- Responding to a threatening letter regarding trademarks, trade practices, or trade secrets;
- Even all the way up to what is referred to as “bet the company” litigation.
If you have questions about legal claims you or your company may have, getting answers to those questions can make a huge difference in the success of your company.
Our firm is experienced in advising clients on these types of issues, and can handle your issue from its inception all the way to trial, if necessary.
Would you like to speak with an attorney? Dial 864-527-5906 or use this form to contact Wes Few for a free consultation.
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