When you own a business, it’s almost guaranteed that you’ll face some challenges along the way. There will be times when something doesn’t go according to plan, and other people or companies may try to take advantage of your situation.
If this happens, having knowledgeable business litigation attorneys on your side can help you get through the challenge and protect your interests.
Business litigation lawyers have experience with a range of situations and challenges that businesses may face. They can provide essential guidance in these situations and help you protect your company from future threats as well.
Keep reading to find out which scenarios signal the need for business litigation attorneys.
Breach of Fiduciary Duty
A fiduciary duty is an obligation that one party has towards another, based on a relationship between them. This can be based on a business relationship, a partnership, a legal relationship, or a friendship. It might also occur between an estate representative and a fiduciary, for example, between a trustee and an executor.
A breach of fiduciary duty is when one party fails to act in the best interest of another party. This can happen in a number of situations, such as when one business partner fails to act honestly and in good faith toward the other partners.
In such situations, the non-breaching partners may be able to pursue a breach of fiduciary duty lawsuit against the breaching partners.
Trust and Estate Litigation
Trust and estate litigation is when a person or entity challenges the administration or distribution of property that’s held in trust. The property may be a will, trust, or another document that holds property that is either presently owned or will be transferred to someone upon the death of the current owner.
Estate litigation can include disputes over who has the authority to make decisions about the distribution of property. This may happen when a person who has been named as an executor has failed to carry out their responsibilities correctly.
These cases usually occur when someone challenges the binding nature of a will, a trust, a power of attorney, or any other document that has been used to name someone to administer property after the owner’s death.
Insurance Coverage Litigation
Insurance coverage litigation involves disputes that arise when the parties involved in an incident fail to agree on who should pay for damages or how much.
Insurance coverage litigation can also involve disputes over whether a specific type of insurance coverage applies in a certain situation. No one wants to be involved in an accident and face a lawsuit afterward, but it can happen.
In these situations, it can be beneficial to have professional business litigation attorneys on your side who are willing and able to defend you.
The Bottom Line
You’ve heard the old adage that it’s better to prevent a lawsuit than it is to litigate one. But, there are times when litigation is unavoidable, and being able to recognize those circumstances sooner rather than later can go a long way in preventing more serious problems down the road.
Even if you have no plans on getting into business litigation, you never know what might come your way. Business litigation attorneys can help small businesses with everything highlighted above from breach of fiduciary duty to negotiating with insurance providers.
