AVOIDING AND RESOLVING PARTNERSHIP DISPUTES

Going into business with a partner can be a great way to work. Two heads are often better than one. These types of collaborations are common in many businesses, particularly professional services firms and startups.

Unfortunately! disputes can arise situations. A partnership dispute can become one of the most bitter disputes you will ever experience.

Here’s the good part: partnership disputes can be avoided. However, it requires a reasonable degree of effort up front, a small investment of time and money, and patience throughout the process.

A Written Agreement

The agreement should, at a minimum, clearly define the following items:

• Who has control and how much
• Each partner’s role
• Each partner’s duty and obligation
• Capital contributions & how much
• Handling of any additional contributions
• Compensations & distributions

HIRE AN ATTORNEY

To Assist You With The Operating or Partnership Agreement

Often, many individuals will forego having an agreement or try and prepare one themselves. You should invest in having an attorney assist you for several reasons.

First, every business is different, and each individual has different interests, goals, and comfort levels. Finding a partner ship( agreement online might not be the best idea.

Second, hiring an attorney is a good monetary investment. The money you spend on an attorney would be a few hundred dollars that can save you thousands in the long run.

DISCUSS THE SOLUTION

If there is a dispute, the partners should set aside a specific time to talk about it.

If and when you have a conversation with your partner about your dispute, make an effort to focus on the solution to your dilemma rather than the problem. –

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