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Tips for avoiding business disputes

There are advantages and disadvantages to having a business partner. Your business partner cares about the longevity of the company as much as you do. You both agree on business decisions—most of the time. What happens when you can’t agree?

There will likely be disagreements in any partnership. When small conflicts grow into big, long-lasting, business-altering arguments, your company may suffer. To prevent such drastic disagreements, you should create a written agreement.

Create a legally binding business agreement

The single best way to secure your business is to create a written agreement. For the sake of your business, you will probably want to hire a business law attorney. An attorney will be able to create and finalize the agreement so that it is legally binding. That way, if you and your partner get in a dispute, you can refer to your contract.

Here are three topics to cover in your agreement:

  • Share business goals and plans.Ensure that you and your business partner have the same business goals.
  • Define roles.Will one of you be a silent partner? Determine what role each of you will have in your company.
  • Discuss potential issues ahead of time.Decide what will happen if one partner wants to end the partnership.

What happens if a business partner breaks your agreement?

There are circumstances when either one or both business partners decide to terminate their partnership. No matter the circumstance, dissolving a business partnership is complex.

You must be sure you are not breaching the contract. An agreement breach from either party could be grounds for a lawsuit.

If your business partner has broken your agreement, you have likely suffered. Hopefully, you and your business partner can use dispute resolution methods to solve your issues. If that does not work, you may choose to begin the litigation process and fight for your company.

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