There may be many benefits to collaborating with other people when creating a business in Texas. However, regardless of how well you get along with a business partner, there is a chance that conflicts may arise. Fortunately, there are steps that you can take to either prevent disputes from occurring or to settle them as quickly as possible.
Put the partnership agreement in writing
Ideally, you will put the terms of a partnership agreement in writing, as a written contract is typically easier to enforce. The document should specify each partner’s equity stake in the company, what each person’s role within the organization will be and how the partnership can be terminated. It is also a good idea to stipulate how owners will be compensated as well as the process of putting more capital into the company.
Communication is key
It is important that you take time to discuss any issues that you may have with your partner. Furthermore, it is critical that you focus on finding a solution to the problem as opposed to making an attempt to win the argument. As a general rule, it is better to have discussions outside of normal working hours when you will face fewer distractions. For instance, you may want to schedule a golf outing on a Saturday afternoon or have dinner after work to discuss a pressing matter.
Resolving partnership agreements/disputes may be as simple as having a conversation. However, there may be times when you will need an attorney to help you resolve a conflict in a timely and favorable manner. It may be a good idea to have legal counsel craft or review a partnership agreement in an effort to prevent conflicts before they have a chance to take hold.