There is very little chance that you and your business partner will always agree on what’s best for the company. When there is a partnership dispute present, the focus has to be on resolving it in a way that will disrupt the business as little as possible. There are several things to consider as you try to work through the issue and find a resolution.
One thing that usually helps to minimize the impact the disagreements have on the company is to try to work out the resolution in private. This might mean having a lunch away from the business or having a series of closed-door meetings. Remember, you have a common goal of a profitable company, so trying to work things out as a team is always best.
These are some of the more common disputes that might occur in partnerships:
- Operational disagreements: These are often complex to resolve because they have to do with the way the company is run. Unfortunately, these are likely going to have a major impact on the company until they are resolved.
- Intellectual property disputes: Establishing who owns the company’s intellectual property ahead of time is important. When this doesn’t happen, the partners may have to agree on whether an individual or the company owns it.
- Monetary problems: Having a clear outline of how profits are split is imperative at the start of the partnership. If something happens and one partner isn’t following the split terms, other actions might be necessary.
If working together to determine the dispute resolution fails, you may have to consider other legal actions. This will almost certainly impact the company, so you should likely exhaust all other options before turning to the court, but it’s always wisest to have a conversation with an attorney about your situation.