Suing old business partners

[Jaclyn McClellan]

Does anybody have experience suing former business partners? or putting a lis pendens on a property?  I am likely going to have to go down this route and just looking to hear about other people's experiences. I wish it could have been avoided but it's not really looking like we have any other options if we want our money back. 

[Chris K.]

@Jaclyn McClellan 

Not me personally, but I've represented clients in business disputes. Reasons for the lawsuit ranged from the one partner getting addicted to drugs to family disputes between siblings. Like any other lawsuit, it's not a pleasant experience for anyone involved.

I know nothing about IL law, but putting a lis pendens on a property is generally routine and simple. Typically it's just a piece of paper you record after filing your complaint.

I don'thow complicated the underlyingmatter is and whether you've been involved in a lawsuit before, but I would get emotionally prepared to spend at least five figures in the lawsuit in legal fees. Six figures are not outside the realm of possibility --- especially if there are appeals involved. Not surprisingly, parties tend to settle business lawsuits before it goes through discovery or trial.

If your goal is to recover money from your former partners, try to see if there are any assets to collect. I would say that's the most important question you can ask when deciding whether to sue someone.