Oftentimes people decide to go into business together because they are friends or family members. While the initial partnership goes well, over time the friends or family members develop different personal and business goals. As their reasons for being in business change, their ideas about how the business should operate can start to create harmful strifes between the partners. When partners begin as friends, they don’t think it’s important to spend time or money on a written partnership agreement. When problems arise, there is not a predetermined process to help them resolve the issues. Our lawyers know how to deal with business partnership disputes and how to navigate the best possible solution. In addition, we help partners create business-specific and detailed contracts so your business and partnerships are protected in the future.
Partnership disputes interrupt daily operations and inhibit future business. We craft resolutions that solve the dispute as quickly as possible so you can get back to focusing on the business.
The first step is determining whether the thing is hurting the business, or simply getting in the way of where you want the business to go. As your third-party business partner, we can help evaluate the issue to determine whether the execution is failing or the partners’ goals are misaligned. Understanding your business is the only way to solve the problem, rather than getting tangled up chasing symptoms.
The ideal time to create a partnership agreement is when you form the business. If you didn’t create the written agreement then, get it done as soon as possible. As long as the partners are on good terms, you can create a partnership agreement based on mutual respect and trust regardless of how long you’ve been running the business. The worst time to try to put together an agreement is when the partners are not agreeing!
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