Making legal and financial plans for the future is a deeply personal process that depends…
What Steps Can You Take To Address A Partnership Issue?
Having a partner for your small business may have allowed you to get your dreams of owning your own company off the ground. Having a trusted person to brainstorm ideas with and experience the ups and downs of entrepreneurship with likely helped you through some difficult times as your company grew.
Now, however, you may worry that your partnership is not as strong or beneficial to the company as it used to be. If so, you are not alone. Numerous business partners find themselves at odds, and while they can work out those issues between themselves in some cases, that may not always work for you.
Attempts at resolution
If you feel that you and your business partner are not on the same page, you may have an internal struggle about what to do. You may fear that your partner’s sudden lack of enthusiasm for the job or other issues may damage business operations, but you may also worry about making any type of accusation that could create greater problems. Still, you owe a duty to your company to ensure that operations run smoothly. Therefore, you may want to consider the following steps toward finding resolutions for any problems:
- Talk to your partner: You may think that the problem will resolve itself if you do not bring it up or that you will avoid causing a greater issue by not talking to your partner, but voicing your concerns in a benevolent way may help you find the root of the problem and its resolution.
- Understand your legal obligations: Of course, talking to your partner does not always bring about the desired results. At this time, you may want to review your partnership agreement and other documents to understand your legal obligations and what steps you may need to take if you want to dissolve the partnership.
- Take necessary steps: If you believe that your partnership is beyond repair, you may want to begin the process of dissolving the partnership or taking other actions you feel suit the situation.
Of course, making such a major change could cause conflict, and you could wind up facing business litigation.
At any point in this process, the advice of a legal professional could prove useful. A Kansas attorney could help you review your partnership agreement as well as the options you have for dealing with any litigation that may take place.