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How can partnership disputes be avoided?

| Dec 24, 2020 | Partnership Agreements And Disputes |

Running a Texas business with a partner may increase the chances that your company will be successful. However, as with any relationship, there is a chance that you and your partner will disagree from time to time. Fortunately, it may be possible to prevent a disagreement from hindering your organization from reaching its full potential.

Find someone with whom you get along

Working with someone who shares your vision can be an effective way to prevent major disputes from arising. You should also select an individual who understands how to stay calm under pressure and has good communication skills. This can help to ensure that you and your partner can handle disagreements over dinner as opposed to in a courtroom.

Execute a written partnership agreement

A partnership agreement will outline each person’s role within the company. It should also list a series of steps that the partners will take if a disagreement occurs. For instance, the document could stipulate that a mediator will help resolve conflicts. It may also be a good idea to include penalties for either party who fails to make a good faith effort to adhere to the agreement. Those consequences could include a fine or a reduction in that person’s ownership interest in the company.

Be willing to compromise

Relationships can’t work unless both sides are willing to be flexible about their wants or needs. Generally speaking, you should strongly consider any suggestions that your partner makes even if you don’t necessarily think that they are worth following through on. Doing so can help strengthen you and your business partner’s relationship, and a strong bond between business owners can minimize the risk of partnership disputes occurring in the future.

If you are involved in a dispute with a business partner, you should contact an attorney. A lawyer may be able to review a partnership agreement or take other steps to help you obtain a favorable outcome in the matter.