Misappropriated Opportunity

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MISAPPROPRIATED PARTNERSHIP OPPORTUNITY

Being in business partnership with one or more individuals demands a commitment on the part of each and every individual partner to direct prospective and potential business towards the partnership, as opposed to directing it to their own personal interest. To engage in self-dealing and misappropriate business opportunities that should have been directed to the partnership is a perilous undertaking for the partner that crosses his fellow partners. For once it has been identified by the other partners, the partnership will unravel as the legal repurcussions and recriminations will place the partnership and its partners under considerable strain.

This is clearly not an inviable situation that any business partner finds himself/herself in when they discover that a prospective business opportunity has been misappropriated by someone that they had previously trusted and worked along side. Nevertheless, it is also not necessarily the optimal course of action to rush blindly into confronting one's fellow business partner with respect to this breach of his/her obligation to the partnership and the misappropriation of the particular partnership opportunity. Instead, it tends to be preferable to get a more impartial assessment of the situation and your legal rights from knowledgeable legal counsel, such that you might implement a solid plan of action, as opposed to rushing into a confrontation that might not necessarily be all that you had perceived it to be. Furthermore, if the situation is as dire as it might initially appear to be, and such misappropriation of opportunities has been going on for some time, it tends to be advisable to collect as much supporting evidence as possible when they believe you are ignorant of their misdeeds and than confront them as to the misappropriations having collect the requisite support for bringing forth such allegations.

At Neufeld Legal P.C., we work with business partners whose partnership has been subjected to misappropriation of partnership opportunities and other misdeeds and transgressions by the partnership's partners. This is never a pleasant situation to deal with, given that there has been an abuse of the trust that previously existed, nevertheless, it is a situation that does arise in business partnerships and as such must be appropriately dealt with. For further information as to how our law firm might provide the legal assistance that you require when there has been a misappropriation of partnership opportunities or other internal misdeeds within the partnership, contact our law firm via email at Chris@NeufeldLegal.com or by telephone at either 403-400-4092 (Calgary, Alberta) or 416-887-9702 (Toronto, Ontario). 

 

Neufeld Legal Professional Corporation is a Canadian law firm operating out of Calgary, Alberta and Toronto, Ontario, and is focused on corporate transactional matters that impact local, national and international businesses in their quests for corporate success.

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