Unfortunately, most partnership disputes occur when two partners who decide to start a business together begin to face disagreements. While it can be easy for partners to engage in serious disputes, there are steps partners can take in order to avoid irrevocable damages and, instead, pursue resolution. Of course, in more extreme cases, other measures should be pursued.
To help, our Texas business litigation lawyers have listed 4 tips for resolving partnership disputes:
- Do not let emotions play into business decisions: If the dispute between you and your partner involve a difference of opinions, it can be easy to emotionally react. However, it is important to remember that you and your partner will have different opinions through all of your business relationship, but this does not mean that the two of you do not respect each other’s opinions. Instead, focus on the facts and communicate through issues to find happy-mediums.
- Make sure all agreements are recorded in writing: As the relationship between you and your partner begins to grow, it can be easy to let the business aspect of the relationship become casual, causing most agreements to be made verbally. While this can work for a short amount of time, it is best practice to record all agreements in writing. This can keep both you and your partner in line if disagreements begin to arise.
- Retain the help of a mediator: If disputes are arising more frequently, it may be beneficial for the two of you to retain the help of a seasoned mediator. A mediator can help you and your partner communicate your thoughts, effectively, to one another. This can allow the two of you to find a happy medium in order to continue pursuing success for the business in a productive and cohesive manner.
- Consider going your separate ways: It is important that you and your partner truly consider the future of your business relationship. If the two of you notice that your visions for the future no longer align, it may be best to split ways to prevent irreparable damage. Should you choose to go this route, it is important to retain the help of a seasoned business litigation lawyer. An experienced attorney can examine the details of your partnership and ensure you are protected.
Need Legal Help Resolving a Partnership Dispute? Contact Lyons & Simmons, LLP
If you and your business partner are experiencing disagreements, we urge you to contact our Texas business litigations attorneys at Lyons & Simmons right away. We can work diligently to ensure your rights and assets are safeguarded from start to finish. Backed by ample experience both inside and outside the courtroom, our team has what it takes to pursue positive results for you right away.
Do not wait to get the help you need. Call our team today!