Starting a business with one or two partners is a great way to combine ideas, resources, skills, and experience, but unfortunately those partnerships don’t always work out as planned. Partnership disputes should be handled properly whenever they occur, and partners should also be aware of some of the more common causes of disputes to recognize when they might need the help of experienced corporate business attorneys.
Losing sight of the big picture
Partners can start with the same vision for their shared business, but over time that singular vision can turn into double or even triple vision if there are multiple partners. If the partners see the business going in different directions, discussions can ensue as each person struggles for the other or others to see their individual point of view. This type of thinking can snowball and create a lot of trouble for your business.
However, maintaining open communication, creating an environment where people feel comfortable sharing their ideas, and engaging in respectful dialogue are ways to avoid such misunderstandings.
Pulling your weight
In addition to having different points of view, the value of contributions can also be the source of association disputes. One partner may feel that the other is not contributing as much or that their efforts are not of the same quality. This can lead to a tendency to blame each other, which can lead to bitterness and resentment.
Bringing in a business attorney is one way to help resolve the matter. But another way to avoid these problems in the first place is to clearly establish the duties and responsibilities of each partner at the beginning of the relationship. In this way, each person is aware of what they should and should not do, and can be held accountable to others if their efforts fail.
Partners have personal lives outside of the office, and sometimes issues in those personal lives can begin to spill over into the day-to-day operations of the business and hamper progress. The other partners may feel that the one with personal problems cannot fully concentrate on the business. Personal disputes can have dire consequences on the finances and overall success of the business, and can quickly escalate into partnership disputes.
Although it may be easier said than done, it is important to try to maintain a healthy separation between personal and professional life. If problems in a person’s personal life are affecting that person to such an extent that they cannot properly perform their job duties, it may be necessary to take a short break or a sabbatical to fix things. Regardless of the circumstances, it can also be helpful to reach out to coworkers to let them know what’s going on and to ask for their help in determining the best way to address workplace issues.
A problem that cannot be solved
No matter how hard partners try to talk about an issue, there are times when an agreement just cannot be reached. Communication is the key to any type of relationship, and when the people involved in the relationship are no longer able to communicate productively, it may be time to bring in an unbiased outside party. To avoid having the same problem and hitting the same wall over and over again, partners can choose to see if the problem can be resolved with the help of a corporate business attorney. Commercial attorneys are often well versed in handling company disputes and other legal matters that may arise in the company, and can provide an effective and balanced solution to the problem.
The best time to resolve partner disputes is long before they happen. If you are considering working with a partner to start a business, it doesn’t hurt to find experienced and trusted small business attorneys in your area who can help you with disputes and aid in the overall success of your business.