The Jensen Litigation Firm, PLLC represents businesses and individuals in ownership disputes. People hire us to understand their ownership rights, defend their position, and champion their cause. If you need an attorney to fight for your rights as a co-owner, we can help. Contact us now before the issue becomes worse.
What types of entities have ownership disputes?
Ownership disputes arise in the context of a corporate entity, such as a partnership, corporation, or LLC. Each entity has distinct rules for the owners' rights, responsibilities, and operating procedures.
Business entities are generally governed by Chapters 300-323A of Minnesota Statutes. Most chapters have default rules for ownership structures and responsibilities, but often allow owners to modify rules in ownership agreements. Keep in mind that the legislature occasionally updates these laws, so it can be important to stay current on laws that impact your ownership interest. Ownership disputes for traditional business entities are generally governed by contract principles as to any agreements, but supplemented by statutes.
Some businesses are owned by non-traditional entities. For example, estate planning lawyers sometimes put ownership interests in trust entities. The trustee will be able to assert the ownership interests because the business is a trust asset.
What are the types of ownership disputes?
Some disputes center on specific ownership agreements, buy-sell agreements, corporate resolutions, trusts, or other contracts. These disputes sometimes spiral into civil litigation when the owners cannot find a resolution to their issue. For more questions about breach of contract issues, see 50 FAQs About Breach of Contract in Minnesota.
Other disputes involve owners that improperly competed against the business, used business assets for their own purposes, failed to maintain the corporate entity, or breached fiduciary duties to other owners or shareholders. These issues may require investigation and litigation in order to discover the extent of activities and harm.
Regardless of the type of dispute, owners and their attorneys need to consider an ultimate solution. Often, these disputes end with a buyout between owners or a sale to an outside party. A buyout or sale will likely require a business valuation, which can take time to prepare.
The bottom line is that your rights as a co-owner are valuable. Assert them.
We have the knowledge and experience to handle ownership disputes. Do not hesitate to contact us if:
- You are in a dispute with a co-owner of a business.
- You have been sued as a co-owner or shareholder.
- You want to know your rights before taking action on an ownership issue.
- Your co-owner has competed against your business, taken business property, or hired employees away from the business.
- Your family business or trust is not working and you either want to be bought out or seek to force someone else out.
With offices in Shakopee (Scott County) and Litchfield (Meeker County), we handle ownership disputes throughout the Twin Cities and Greater Minnesota.