Getting into an argument with your partner can be an extremely frustrating experience and it can also have ripple effects throughout the business. Understanding the steps that you need to take in order to protect your own interests as well as the business are critically important when dealing with a partnership dispute. What follows are several different options that you have in this situation.
Talk to the Other Person
Your first line of defense when dealing with a partnership dispute should be to sit down and consult with the other individual. He or she may be willing to discuss with you the various issues at play and you may be able to resolve them effectively.
Review the Contract Materials
Any partnership agreements or other agreements that affect the relationship you have with the other individual in the business should be reviewed. It is possible that you already have a contract clause that stipulates the steps you need to take if you find yourself in the situation of having a dispute.
If a neutral third party may help you and the other party come to the terms of agreement, it may be recommended that you try to resolve this outside of court using a tool known as mediation. Mediation is headed by a neutral third party individual who is appointed to help guide the conversation.
Consider Consulting with a Lawyer
Talking with a lawyer can give you a better overview of the issues that are at play and the necessary steps that you may need to take to resolve them. Enacting contract clauses or moving forward with terminating the agreement between you and your partner can be a complicated process and one that is filled with emotional challenges as well. Identifying an experienced business attorney who has handled situations like this before is strongly recommended in order to avoid as many problems as possible. Do not hesitate to reach out to a knowledgeable business planning attorney if you find yourself in this situation.
Consider Terminating the Relationship
In certain situations, when you have made your best effort to resolve things with the other partner and have been unable to get on the same page, you may need to consider terminating the relationship entirely. There will be many effects on the business as well as your individual life by choosing to do this but in certain situations it is the most recommended step.