When you started your business with your current partner, you were likely hopeful for the future and positive about the success of your business. Partners often choose to start companies together because each offers unique strengths and capabilities, benefiting the business and providing a competitive advantage. However, partnerships do not always endure over time, and there may eventually be a breakdown of what was once a beneficial working relationship.
If you and your business partner are currently in a dispute, it may seem like there is no way out. In fact, you may have concerns about how this could impact your business and your long-term profitability. It is in your interests to seek an understanding about ways you can resolve a partnership dispute and ensure that this issue does not impact the health of the business you worked to build and sustain.
Seeking a resolution
While it may be necessary to eventually go to court to resolve an ongoing partnership dispute, this is not always the best or most beneficial approach. There could be multiple options available to you through which you can seek a beneficial conclusion to your concerns. Some of the ways that you may be able to handle your partnership dispute include the following:
- Mediation — This employs a third party to help mediate an ongoing dispute and allow both partners to express their concerns and desired outcomes for the situation.
- Sell the company — If both partners find that a resolution is not necessarily beneficial or even wanted, it may be practical to simply sell the business.
- Buy out — If one partner wants to remain in his or her role with the business, he or she may be able to buy out the other partner.
- Dissolution — There are times when it may make the most sense to dissolve the business completely, allowing both partners to go their separate ways and start fresh.
A partnership dispute can be a frustrating and emotionally complicated situation that could impact your business. Seeking a beneficial resolution is not only good for you and the other partner, but it is also good for the health of your Pennsylvania business. It could be helpful to seek a legal opinion regarding the legal options available to you and how you can move forward. The ultimate goal is to seek a resolution that shields your investment of time and hard work, and allows for future success.
