Partnership dispute? Consider these resolution tips

On Behalf of | Jul 30, 2020 | Business Law |

When you and your business partner don’t agree on matters related to the company, finding a resolution is a priority. This isn’t always easy because each party might feel strongly about what needs to happen. Depending on the severity of the problem, the company might start to suffer greatly. For most company owners, taking stock of the situation and trying to work things out with as little impact to the business becomes the focus.

There are three general categories of disputes that business partners might have. These include disagreements about intellectual property, money and methods of operation for the company. In some instances, there is little impact on the company itself while the dispute is ongoing, but you and your partner must carefully consider how every resolution might affect the business. It’s possible that the solution for handling the situation might be found in the contract you and your partner signed when you started the business, so be sure to review that before move on with any other options.

One important thing to remember is that anything related to the dispute should be discussed in private. Some business partners might discuss some facets of the issues where employees can hear what’s going on. While this might not necessarily devastate the company, there is a chance that rumors or misinformation might spread.

If negotiations about the resolution for the matter fail, you may have to turn to the courts for a decision. Filing a lawsuit against your business partner should usually be reserved as a last-ditch effort to prevent the company from dissolving or when there is something very serious, such as embezzlement going on.