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A business partner is an individual who shares ownership, responsibilities, and profits or losses in a firm with one or more other individuals. Partners are expected to collaborate on key decisions that impact the business as a whole, to promote transparency, and to reach mutual consent. 

A verbal agreement, also known as an oral contract, is a legally binding agreement between two or more parties that is made through spoken words rather than written documentation. Verbal agreements are common in business dealings. While they may seem informal, verbal agreements can be legally binding in Pennsylvania in certain cases. There are several factors to consider when determining their enforceability in a court of law. 

A breach of contract occurs when one party to a legally binding agreement fails to fulfill their obligations as specified in the contract. This may involve not performing a task on time, failing to complete a task entirely, or not meeting the agreed-upon terms. The other party may have the right to seek legal remedies, such as compensation for damages or contract enforcement.

A business dispute can arise between parties over contracts, partnerships, employment issues, intellectual property, and more, potentially leading to legal action. Common disputes include breaches of contract, shareholder disagreements, and employment conflicts.

This article discusses how to handle partnership disputes, especially when it becomes necessary to remove a 50/50 business partner. It covers legal, financial, and strategic considerations, including reviewing the partnership agreement, negotiating a buyout, or dissolving the business if an agreement can’t be reached.

Recently, our team at Very Law had the opportunity to participate in an event for the benefit of our Pittsburgh community. On Saturday, September 21, 2024, we were one of the proud sponsors of the Children’s Gala 2024: Under Construction.