Opening a business allows many to achieve the American Dream. However, business management requires extensive collaboration with multiple entities. The terms of these agreements are often thoroughly detailed in a written contract. If there is a misunderstanding or blatant disregard of a particular arrangement, it can lead to a financial loss. Litigation may become inevitable. Reach out to our Potomac MD business litigation lawyers at Brown Kiely LLP for all of your business litigation needs. We use a customer-centric approach that emphasizes open communication and direct access to one of our attorneys.
Purpose Of A Business Litigation Lawyer
Our Potomac corporate law attorneys specialize in the intricacies of business relationships, and may assist in the following:
- Contract development and analysis
- Legal counsel
- Filing/responding to litigation
- Correspondence and mediation
- Trial functions
According to the U.S. Chamber of Commerce, the average business spends $1.2 million every year on court fees. Small business owners will benefit from hiring one of our lawyers at the inception of their endeavor to establish a strong legal foundation that minimizes legal costs in the future.
As businesses grow, they may keep one of our Potomac business attorneys on retainer. Retaining one of our lawyers refers to the process of paying our lawyer in advance to manage costs and establish peace of mind.
Four Areas Of Business Litigation Law
Business Torts
Business tort is a blanket term that refers to illegal business activity that leads to a loss to one or more parties.Business torts include:
- Fraud. Misrepresentation of a service or product (including false advertising)
- Interference with contracts. Dissolution of a previous agreement due to the introduction of a new entity
- Unfair competition. Illegal activity hindering competing businesses
- Defamation. Publicly lying about a corporation to hurt sales
- Theft of trade secrets. Breaching nondisclosure agreements
- Breach of fiduciary duty. Failure to adhere to corporate financial obligations
Breach Of Contract
When multiple parties go into a business contract, there is an assumption that all parties involved will adhere to the stipulations spelled out in the contract. Unfortunately, this isn’t always the case. When one or multiple parties deviate from the terms of a contract, the victimized parties may need to turn to small claims court to correct things.
Businesses may have contracts with landlords, contractors, service providers, and customers. According to Juro, 60% to 80% of all B2B activity involves a contract with Fortune 1000 companies managing an average of 20,000 to 40,000 active contracts at a time.
Partnership And Shareholders Disputes
As companies grow, they may offer the opportunity for select individuals or the public to invest in the company in return for part ownership in the business. As the business grows, the owners and investors watch their investment grow. If the business fails, owners and investors may co lose their entire investment. The terms of the investment will dictate protections and responsibilities of all parties.
Trade Secrets And Restrictive Covenants
Many businesses rely on proprietary recipes for success. This may be a literal recipe, operational processes, or innovative technology. If this industry secret leaks to the competition, they may be able to mimic what once made a company stand out. Customers may decide to buy from the competition instead, leading to a loss of profits. Our Potomac corporate lawyers can prevent loss from the inception of a business by drawing up nondisclosure agreements and applying for patents.
Contact Brown Kiely Law
Whether you are in the beginning stages of your American Dream or in the midst of a lawsuit, all business owners need one of our business litigation lawyers in Potomac MD. Contact us at Brown Kiely LLP to schedule a free consultation today. Our founding partners have more than 20 years of legal experience that has contributed to our impressive track record.
