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In a partnership dispute, can the business continue?

On Behalf of | Jul 13, 2023 | Business Law |

When you started your business, you and your partner probably looked to the future with excitement and confidence. You worked together to build your business and lay the foundation for long-term success, but your ability to continue your close working relationship may no longer be possible. In these cases, this can escalate to a full partnership dispute, and you may wonder what this could mean for the future of your Connecticut business. You will benefit from knowing how to protect yourself and the preservation of your interests. 

Business partners don’t always get along perfectly, and these relationships can become quite complicated. If there is an issue with the relationship you have with your partner, you may find that this impacts the operations of your business, even if the issue is personal in nature. It is possible to continue company operations, but you will benefit from learning how you can pursue a beneficial outcome and resolve the dispute as soon as possible. 

Options for resolving a partnership dispute 

It is not always easy to settle a partnership dispute, but there are certain steps you can take that will allow you to seek the most beneficial outcome that will preserve the future of your business. Options for resolving a dispute with your business partner include: 

  • Draft a management agreement that will clearly outline the role that each partner has, as well as his or her rights and responsibilities. This will reduce complications and confusion.  
  • In some cases, the process of mediation can help two disputing business partners resolve their disputes and find middle ground that will allow them to continue their business operations. 
  • If an out-of-court resolution is not possible, it may be necessary to pursue solution through the legal system. A judge can make a final decision that will finalize a partnership dispute and make it less likely that additional complications will arise. 

The goal for any partnership resolution you seek is to preserve the long-term interests of your business. You will want to pursue an outcome that will allow your company to continue to operate well into the future. If you are involved in a partnership dispute, you may benefit from seeking experienced counsel regarding the ways you can protect your legal and financial interests.