It can prove useful when starting a company to have partners whom you trust. Partners can share responsibilities and assist each other as the company grows. As is true with all relationships, partnerships can also turn sour. When partners have serious disputes, it’s important to act quickly to minimize damage and avoid hurting the business.
Here are a few tips to help you resolve partnership disputes before they affect your business:
- Schedule time to discuss your options. It’s not advisable to wait to discuss your dispute. Make time to listen to each other and begin discussing a resolution right away. Limit your distractions and focus on the issue.
- Stay calm. Getting emotional or angry is not going to help you come to a peaceful agreement. Focus on the business issue and avoid personal relationship discussions. Stay professional.
- Consider every option. Instead of dwelling on the cause of the problem, focus on how you can save your business from future harm. Make a list of goals and positive outcomes. Then, write down a number of options to reach those goals. You may find a swift solution to your problem.
- Write everything down. Verbal agreements to partnership disputes are easily broken. Document your agreement so that everyone is on the same page. This way, you can avoid future disputes.
- Seek legal advice. Not all disagreements can be resolved with a casual conversation between partners. Legal assistance is often necessary to prevent the dispute from damaging the business. You may need legal help to prevent your partner from stealing clients or assets. You may even need an injunction to prevent fundamental damage.
Partnership disputes can not only hurt you business, but also affect your personal life. Resolving a dispute can prove challenging, but it will keep your business on track and help you avoid stress. Don’t hesitate to research your conflict resolution options. Contact an experienced New York City business lawyer for more information.