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3 important things to remember in a partnership dispute

On Behalf of | Jun 7, 2024 | BUSINESS & COMMERCIAL LAW - Business & Commercial Law

Many partnerships run fairly smoothly, so there’s never any real dispute. If your partnership hasn’t been that lucky and you’re dealing with a partnership dispute, there are some points that you have to consider. 

The ultimate goal of partnership dispute resolution must always be to do what’s best for the business. Coming to a resolution in these cases often means that you and your business partners must keep open minds and be willing to negotiate. These tips may be beneficial to remember if you’re in the midst of a partnership dispute. 

Review the partnership agreement

The partnership agreement should contain information about how disputes are handled. This may include terms like having to go through mediation if the dispute can’t be resolved between partners. 

Discuss the dispute away from employees

It’s always best to discuss the contentious matter away from where employees can hear. Talking about things behind closed doors might be effective, but it might be best to go somewhere off company grounds. When employees or customers can hear about disputes, they may take that as instability within the company. 

Seek help from consultants

Some partnership disputes are best handled by calling in consultants who can review the situation and determine the most effective way for the company to address it. Being able to count on that consultant may make resolving the dispute a bit easier. 

Having a solid partnership agreement can help minimize the risk of disputes occurring. These can also outline when legal action should be taken, so it’s critical to fully understand the terms of the agreement.