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How can you prevent a partnership dispute?

On Behalf of | Jan 23, 2025 | Business Litigation

A strong partnership can steel your business against ever-changing market forces, giving you the expertise, stability and flexibility needed to succeed. Yet, partnerships can have their challenges. After all, those who run a partnership are human, each with their own ideas about how a business should operate and how obstacles should be addressed. And when a partnership dispute arises, it can put your profitability, business direction and even the viability of the business itself on the line.

The best way is to be prepared on the front-end of your business’s creation. To do so, you can implement the following:

  • A clear partnership agreement that identifies each partner’s role and responsibilities.
  • An alternative dispute resolution process that must be followed if the partners can’t come to an agreement.
  • A decision matrix that gives partners an objective tool to use when disagreements arise.
  • Ensure open communication occurs so that disputes are headed off early.

But what if it’s too late to prevent a partnership dispute and you’re already in the midst of one? If that’s the case, then you might want to do the following:

  • Turn to a mediator for assistance in discussing complicated and challenging issues.
  • Focus on the issues at hand rather than any personal animosity.
  • Consider all legal options available to you so that you and your partners can turn to those that are best for you.

Competently navigate your partnership disputes

This post is, of course, a very surface level review of what you can do to protect yourself from a partnership dispute. So, if you want to learn more about how to navigate the challenges associated with a partnership dispute, then now is the time to learn more about the process and the legal options available to you.