Having a business partner can have its benefits, but it can also have its disadvantages. Running a business can be stressful, and partners do not always agree on how everything should be handled. When a partnership dispute arises, Georgia business owners may think that litigation is the only way to resolve the situation. Truthfully, there are other ways to approach the matter that may prove just as effective.
It may be possible to prevent a number of disagreements by planning ahead and creating a detailed partnership agreement that lays out the responsibilities of each party and sets a plan for how disputes are to be handled. If a disagreement arises that cannot be resolved, a management agreement can list the requirements for one partner to buy out the other in order to dissolve the partnership. When constructed properly, partner and management agreements can work to quickly put an end to partnership disputes while doing minimal damage to one’s company.
If partner or management agreements were not created, or prove ineffective for one’s needs, it may be tempting to rush to court to resolve certain disputes. Before rushing to court, it is possible to try to talk things through with one’s business partner. A willingness to compromise can go a long way in saving a partnership and resolving the issue at hand.
If private negotiations prove ineffective, mediation may be a good option. Sometimes, having a neutral third party in the picture can help partners come to agreeable terms to end the dispute or dissolve the partnership. The goal of the mediator is not to help either side win, so to speak, but to keep negotiations going until a resolution can be reached.
If any of the above options have been tried and little has been accomplished, then going to court may be the only way to settle a partnership dispute. If that turns out to be the case, it is okay. Georgia business owners can turn to an experienced business litigation attorney who will be able to walk them through their legal options and help them fight for what they want.