When you start a business with someone, you likely assume they are the perfect match. Not only do they share your vision for the future of the company, but you know they’re a hard worker. However, once you’re in the swing of things, your relationship may falter, and conflict can arise. When you’re in a partnership dispute, you may not know what to do or if you have any legal rights. This blog explores your options and explains how a Long Island, NY partnership dispute lawyer can help you through this unfortunate situation.
What Is a Partnership Dispute?
A partnership dispute can occur when two business partners experience conflict and cannot agree on how to handle a situation. As business owners, ensuring that both parties are on the same page is essential. Failure to compromise can disrupt business operations, which can take an irreparable toll on your company.
Common examples of reasons for disputes include:
- Failure to agree on how to allocate funds and resources
- Unfair workloads
- One neglects their duties or harms the business
- Inability to agree on who is responsible for what tasks
- Breach of fiduciary duty
While these are not the only reasons that partners may disagree, these are some of the most common causes.
What Options Should I Explore?
When you and your business partner cannot agree on an issue, you may worry about how it will impact your company. However, there are options to help you resolve the matter before it’s too late.
If you want to make the relationship work because you believe it is best for the company, you can try mediation. This is when a neutral third party facilitates a conversation between opposing sides to find a compromise. You may also be able to try to buy out one partner from the business, which would grant full ownership to the other party.
However, before considering any of the aforementioned options, you’ll want to consult a partnership dispute attorney from David A. Gallo & Associates. Our dedicated legal team can help examine the situation between you and your business partner to determine the best course of action. Contact our office today to learn more about how we can help.