A plaintiff damaged by a defendant that misappropriated the plaintiff's business opportunity may maintain an action for conversion. Accordingly, under Florida law, misappropriation of a business opportunity constitutes conversion. A conversion action may occur in a business transaction such as a joint venture. The rights of joint venturers in property bought or used in the process of pursuing a venture depends primarily on the agreement entered into among themselves. Therefore, a right to share in the profits does not necessarily make a joint venturer a joint owner of the personal property. For instance, absent any evidence that a joint venturer had a property interest in estate jewelry bought and sold as part of the joint venture, the joint venturer could not recover for conversion or civil theft against the other venturer. However, generally, when property is
acquired in a joint venture business, and for joint venture purposes, it will be treated as property of the joint venture, even if the legal title is taken in the name of one of the joint venturers or in the name of a stranger.

Additionally, the proper measure of damages for conversion of intangible interests in a business venture is the interest's reasonable market value, measured as of the time and place of conversion. The recovery of damages extends to the good will of the business.

A cause of action for conversion may have many complex issues. Therefore, you should consult with an experienced West Palm Beach conversion lawyer. Call Sharmin & Sharmin P.A. at 1-800-74-TRIAL.