Tons of business owners think they have hit the jackpot when they create a business plan and find the perfect partner to go into business with. Unfortunately, many business partnerships wind up souring. This puts the future of the business up in the air and can wind up being a tough situation for both parties.
Business partners are tied intimately to each other, which makes separating tricky. One of the biggest problems associated with business partnerships is due to the fact that a number of factors can occur that can tear the partnership up, which could have been avoided with proper planning.
Terms should be expressly stated in writing before the partnership takes place, based on the simple fact that finite details can be the cause of a dispute. Business partners may disagree over the details of their arrangement, which can truly ruin the business. If you find yourself in this type of a dispute with a business partner, there is a good chance your business may go under.
In order to avoid financial hardship, make sure you contact a lawyer as soon as possible to represent you in court. These cases are pretty straight forward when it comes to a resolution in court. The judge will essentially try to determine the details that were written into the partnership agreement.
Evaluating the actual contract is the only thing that the judge is going to be able to utilize that is based on reality. If the two partners had agreed to something and are having a dispute, the contract is going to be the first place the judge looks for a resolution.
There are plenty of cases where the partners fail to identify a potential problem and have not agreed to terms on a particular issue. If this is the case, the judge is going to take a look at both sides and rule based on the information that is presented by both sides.
Winning in court may very well come down to the quality of lawyer that you have hired to represent you, so make sure you choose wisely.