Intellectual property and customers are two of the most valuable assets to any business. So, when your business partner steals your intellectual property and customers, you may feel violated and unsure of what to do.
Whether it is copying your ideas or stealing customers, taking these actions is illegal and harms your business’s reputation. If your business partner has engaged in any of these activities, you might want to get legal counsel from a lawyer.
At Slate Stern Law, our Santa Fe partnership dispute lawyer helps clients take legal action and fight for the most favorable resolution possible. If your business partner stole your intellectual property and customers, do not hesitate to speak with our lawyer to learn about your options.
The Legal Information Institute defines “intellectual property” as something produced by the human intellect that can be protected from unauthorized use. Take the following five steps if your business partner stole your intellectual property and customers:
As soon as you realize that your business partner has stolen your intellectual property and customer list, consult with a reputable lawyer who specializes in intellectual property law. A good lawyer can provide you with a legal analysis of the situation, identify your rights, and work on a plan of action that will help you prevent any further damage.
To stop your partner from stealing your intellectual property, ensure that you have put protective measures in place, such as trademarks, patents, and copyrights. You can also use confidentiality and non-disclosure agreements to safeguard your information. Ensure that your partner has signed these agreements and that they understand the implications of breaching them.
Mitigating the harm caused to your business should be a priority. Start by notifying your customers of the situation if you believe they may have been contacted by your business partner. Put in place measures to reassure them that you are committed to protecting their interests. Reach out to your vendors, employees, and suppliers to inform them of the situation.
If you prefer to avoid a long-drawn legal battle or retain the business relationship with your partner, attempt to resolve the issue amicably. Mediation or arbitration can be more time-efficient and cost-efficient for both parties. Resolving the issue early on can help preserve the business’s relationship and interests.
If the situation cannot be resolved through grievance handling, it is time to consider legal action. A legal lawsuit can help you claim damages for losses incurred, prohibit your partner from engaging in further unethical activities and return stolen property. A lawyer can guide you through the legal process and ensure that necessary evidence is collected to prove your case in court.
Business partners stealing intellectual property and customers can hamper business operations and reputation. It is critical to take swift action to mitigate the damage and safeguard your interests. Your business’s future is crucial, and you have a right to protect it. Our lawyer at Slate Stern Law is here to protect your business and fight for a favorable resolution of the partnership dispute. Call (505) 814-1517 to get a case review.