To ensure a company’s survival, business partners should have a good working relationship with each other. However, regardless of how well people get along, there is a chance that conflicts will arise every so often. Fortunately, there are several strategies that business owners in Pennsylvania and throughout the country can employ in an effort to resolve those disputes. Ideally, business partners will create written agreements that determine each partner’s salary and ability to withdraw money from the business.
The language within the agreement may help to determine how disputes are resolved or what steps can be taken to avoid them. An operating agreement could state that each partner has to approve any payment made to an owner before the money is transferred to that person. If one partner feels as if he or she is doing more than his or her fair share of the work, it may be possible to renegotiate the terms of the deal.
It may also be possible to ask a judge to resolve a dispute over how the company is run. In some cases, the judge may appoint an outside party to help run the business. Prior to entering into a partnership with another person, it may be a good idea to run a background check. This may help to reveal any past transgressions that may indicate that a person isn’t suitable to do business with.
Individuals who are involved in business litigation and disputes may want to have business law professionals help with their cases. A business law professional may be able to help a person obtain a favorable outcome in a dispute with a business partner. This may include buying out the partner, revising an operating agreement or simply dissolving the company without giving up any intellectual property rights.