Toxic business partnerships are as notorious as high-profile celebrity divorces. It’s business romance bottled up with legal complications, and outstanding levels of backstabbing. Toxic business partnerships have led to the collapse of many otherwise successful companies, and successful families. The trouble is that your business partner may have no more or no specific details about the company and general actions that can get either of you into trouble.
Many business partners have had to weigh to their way through outright inaccurate or completely false allegations. All it takes is one angry partner to contact local police or government officials to initiate an investigation or even an indictment. Businesses are often left in legal term oil when partnerships go bad and it’s usually one if not both of the business owners who are left trying to defend themselves. What a toxic business partnership happens it’s usually the innocent business owner versus their former partner versus government agencies versus false allegations. It’s a lot for one person to handle. It’s a good idea to contact a Connecticut business lawyer today.
Can Your Business Partner Get You Into Legal Trouble?
One of the most famous business divorces in history was between Clive Davis and David Wynshaw. The former leaders of CBS broke up when it was apparent that Clive Davis was regularly using CBS funds to better develop financial stability in his personal life. He used the funds to throw extravagant parties and all the while it seemed as though David Wynshaw was not aware of this illegal activity.
However after much investigation it became very clear that although this duo led CBS to success they were both engaged in illegal activity. It just took one partner turning on the other to expose a ton of legal issues and criminal activity.
What Happens if Your Partner Did Something Illegal and You Didn’t Know?
Ignorance is not an excuse from the law and when it comes to business liability it’s always the owners as a collective if there is a partnership. It’s possible that during your investigation it may appear that you turned a blind eye and then you would have to fight fervently to expose that you were not liable for the crime.
Of course, if you did profit from the crime you would be held liable whether you knew where the money came from or not. There are countless issues that come up in partnerships and often it is because one partner is conducting illegal activity while the other realizes that to some degree they’re going to be held liable. Depending on the extent of the crime and damage it’s possible that you could go to jail for something that your partner did without your knowledge. It’s even more likely that you’ll end up paying a ton of money for penalties and damages to victims.
Taking Control Over a Bad Business Partnership
All too often people find themselves and a business relationship that needs to end. Unfortunately, it is much more complicated to end a Business Partnership Senate has to get a divorce. You need to take control over the partnership and find yourself a good defense for possible legal recourse.
Carefully work with a business attorney to review your partnership agreement and your exit strategy. It’s possible that you could part ways with minimal damage to the company. However, if allegations arise or illegal activity is discovered then you’ll likely have larger issues to deal with. Work closely with a Connecticut business attorney to determine how to best approach the dissolution of Your Business Partnership and protection of your personal interests.
Contact Aeton Partners for Guidance
At Aeton Partners we help business professionals defend themselves from allegations and charges that violate general business law. Whether that is mishandling of funds or generally unethical business practices, we’re here to help you and your defense. We know that about 80% of business partnerships fail and of that 80% it’s no shock that many people turn to underhanded or even legal recourse.
At Aeton Partners you can rely on us for support through the false allegations or inaccurate claims of your business partner. Will help show how the toxic relationship slowly grew and targeted you. You’re the victim in this situation and it’s unfair that you’re going to have to defend yourself in court but that’s exactly what it’s going to take to clear your name. Our attorneys fully fight to expose the truth of the situation, and we’ll work with you every step of the way so you know the options you have available in moving forward with your case. You’re in control and we’re here to support you.