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Four tips for resolving business partnership disputes

| Sep 25, 2020 | Partnership Agreements And Disputes |

Business partners working together in Texas might experience the occasional dispute. A partnership dispute could threaten to divide the business and call the entire relationship into question. However, there are steps that business partners can take to prevent or resolve future disputes.

Strive for clarity

One of the best ways to prevent partnership disputes is to be upfront about everything from the beginning. Disputes about money can potentially tear apart a business relationship. When starting a business together, both parties should be clear with each other about business ownership, workloads and salaries, and write down the details in a partnership agreement. If disagreements arise, partners can point to the written agreement that they made.

Define intellectual property rights

If  intellectual property (IP) is involved, partners should take steps to ensure that the IP is owned by the creator and licensed by the company. If the ownership is called into question, a judge might rule that the IP is actually owned by the company.

Research your partner

Additionally, an individual should research their partner before entering a business agreement with them. This could include doing a background check and reviewing previous business history. How to resolve a legal partnership dispute

Talk to a lawyer

If a partnership dispute can’t be resolved, one or both of the partners might be interested in hiring an attorney. By working with an attorney, the individuals may be able to figure out the core issue and decide how to proceed. They might come to an agreement, the business might be dissolved, or one partner could “buy out” the other party. An attorney may help their client understand all the possible options.