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3 things to remember about partnership disputes

On Behalf of | Nov 15, 2022 | Business Law |

A partnership is usually a beneficial arrangement between two people with similar business goals. Most partnerships work well, but there are times when partners can have disputes. Being able to handle these situations appropriately can greatly benefit the business. 

One of the most important things to remember when you’re going through this type of situation is that you have to put yourself aside and do what’s best for the company. It might not be easy, but it’s what’s necessary. Consider implementing these three tips as you try to resolve the matter:

1. Talk away from the company

Employees don’t need to be privy to what’s going on behind the scenes when the owners are having a dispute. It might be best to discuss the matter away from the business in a private location so you can openly talk about what’s happening.

2. Let expertise rule

In most cases, each partner has different areas of expertise. Rely on that knowledge to help resolve the dispute. Be open to the suggestions of the other partner if the area of the dispute is one they have experience in. Active listening can help in these situations. 

3. Turn to a third party 

Third-party assistance may help you to resolve the matter. Mediation may be the best way to work through the issues so that you can continue to have a viable and successful company. 

Some partnership disputes are so serious that they require immediate action. One example of this is if you learn your partner is stealing from the business. Having someone you can count on to help you explore the options for dealing with these situations and who can help to protect your company is beneficial.