Business Law
Business law
RE: Disagreement between Mary and James concerning the business partnership agreement of a self-governing appliances store and automated advertising enterprise.DATE: 2/9/2016FACTS: James and Mary decided to jointly open and operate an online retailing store. Unfortunately, none of the two herein considered formalizing the partnership arrangement where all responsibilities and rewards of each of them could be stipulated. Thereafter, Mary was faced with domestic challenges and had to put less hours in the business than before in order to cater to a family member. Following that development, James recruited another employee into the business who was well qualified. Additionally, James went on to reduce Mary’s share of the business proceeds without her knowing or approval. Frustrated, Mary opted to close down the joint business account she held with James and in its place opened up a sole-signatory account. The dispute arising between James and Mary could result in a lengthy State Trial. The legal process will, as usual, commences in a smaller claims court. If the issue is not settled in the smaller claims court, it proceeds on to the state appellate court. If the dispute is again not solved in the state appeals court, the Supreme Court hears and determines it. Most claims filed in the small claims courts eventually get settled there. However, to cut costs and lengthy mediation processes among managing members, varied shareholders as well as business partners embroiled in a business dispute can opt for other available resolution avenues which are listed below.
This term refers to the process of commencing and carrying out a legal process (The Free Dictionary, 2013). This means that the process begins once an individual files a claim for a lawsuit. This legal form of redress is guided by Civil Procedures which involve a set of specific and sequential steps. The steps may result in a court hearing and eventual resolution to the issue (The Free Dictionary, 2013).
