Business Divorce Attorney in Tampa, Florida
What is business divorce?
What is business divorce?
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it’s where the owners of a business
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can’t get along anymore
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whether it’s joint ventures whether it’s
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partnerships whether it’s owners or
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members of a limited liability company
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stockholders in a corporation where they
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simply for whatever reason whether it’s
00:20
philosophy
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direction willingness to work capital
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investment
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simply can’t get along anymore if they
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don’t have the documents in place
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to allow for a principled separation on
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an objective basis
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that’s fair to both sides it ends up in
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very acrimonious
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litigation over control i have seen
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fifty percent owners of businesses
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locked out of the businesses their names
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taken off all of the bank accounts
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kicked out of the business fired their
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income cut off
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and the other side is sitting there
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saying well i’ve got control of the bank
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account so i’ve got control of the
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business
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i have control of the money now you’re
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going to have to fight me to get
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anything back
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very very difficult position for an
01:00
owner to be in
Tampa FL, commercial litigation attorney Stan Padgett explains what a business divorce is. He notes that a business divorce occurs when the owners simply can’t get along anymore—whether in joint ventures, partnerships, LLC memberships, or corporate shareholders. Differences in philosophy, direction, willingness to work, or capital contribution can make cooperation impossible. When the governing documents don’t provide a fair, objective mechanism for separation, disputes often devolve into acrimonious litigation over control.
He’s seen fifty-percent owners locked out of their own companies—names removed from bank accounts, barred from the premises, cut off from income—while the other side asserts control by holding the money and the accounts. In that situation the excluded owner faces an uphill battle, forced to fight to regain anything; it’s an extremely difficult and precarious position to be in.
