The course of life never runs smoothly, and this is especially true in business partnerships.
There is not only the business itself to run, but the contributions and personal concerns of partners to be considered on top of everything else. At some point, disagreements or differences of opinion are bound to occur, but partnership disputes do not necessarily have to lead to a business partnership dissolution and the end of the business.
As well as the partners and employees, there are other people who should be kept in contact and up to date with the business, such as the solicitors who helped to draw up the original partnership agreement, bank manager and accountant. Mediation may well be the best option if partnership disputes does occur, and your solicitors are the best people to talk to, if partners have reached an impasse. A meeting with the company's solicitors is sure to bring up solutions that the partners may not have thought of by themselves.
One partner throwing a tantrum and deciding to walk away does no-one any good, and could force the business to fail. When partnership disputes do occur, solicitors specializing in this area will be able to advise on both legal and financial matters. Can one partner buy the other out? Can the agreement be restructured to mutual satisfaction? Where partnership disputes occur, there are many options to resolve them, without automatically leading to a business partnership dissolution.
It is a wise course of action, if a partnership dispute does occur, to draw up a list of the positive things about the business. As a proportion of the businesses plusses and minuses, the partnership dispute may, in this light, be seen as very minor. Partners may feel that they cannot work together any more, and one will naturally feel more than the other that a partnership dissolution is the best course. This may turn out to be the case in some cases, but it should not be rushed into. If discussion between partners, and a meeting with the company's solicitors, don't resolve the situation, then a partnership dissolution may be the only alternative for all concerned. But there is a solution for every problem, and it is worth considering all the alternatives, for the sake of the business and its customers. After all the hard work involved in trying to grow the business, it is worth doing everything you can to put your differences behind you.
Bonallack & Bishop are Solicitors in Salisbury whom specialise in business partnership disputes. If you want further information then contact their business partnership disputes solicitors today. Senior Partner Tim Bishop is responsible for all major strategic decisions. The firm has grown by 1000% in 13 years.
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