Going into business with someone means that you share a common vision. As you set up the partnership, you can set the terms that will govern the business relationship. Making sure that these are realistic and that they help you to move toward your goal of a successful business is important. But, have you considered what will happen if you and your partner disagree in the future?
It is highly unlikely that partners will always agree on everything. In your partnership contract, you might need to include dispute resolution guidelines so the disputes don’t interrupt the company. There are some basic points that might help you.
First, always be willing to calmly discuss the matter at the heart of the dispute. This is likely best done behind closed doors so that employees don’t take advantage of the disagreement. Keeping things between you and your partner can help to keep the company stable while you decide how to proceed.
Second, remain open to compromise. Negotiating the outcome with your partner can sometimes help you to come up with the solution that’s best for the company. If you can’t work directly with your partner because the dispute is too great, consider using an alternative dispute resolution method.
Finally, remember that not all partnership disputes can be resolved without legal intervention. Think about whether involving the court will benefit or harm the company. Once you determine this, you can decide how to proceed.
Your attorney can be a great source of information in these cases. You have a duty to protect the company, but you shouldn’t neglect protecting your own interests at all times.