When two or more individuals decide to go into business together, it is likely disagreements will arise, especially when business has slowed or is suffering. While most disagreements should resolve themselves within a short period of time, others may require some work. If business owners find themselves in the middle of a dispute and can’t seem to come to terms on how to get the issue resolved, they should consider doing the following:
- Set aside time to discuss the issue.
Being a business owner is not an easy job. Most business owners are consumed with work and family life and barely have time to sit down and talk. However, if a disagreement has arisen between business partners, they should schedule some time to sit down and discuss the matter and how it can be resolved. This should be an uninterrupted period of time so that both business owners’ full attention can be placed on the issue.
- Meet with an accountant.
If the business owners are disputing over a financial issue or how to spend for their next business venture, they might consider meeting with an accountant. An accountant can assess their financial situation and determine what would be best for the business and the owners of it.
- Refer to their partnership agreement.
If the dispute is over an issue such as salary, the business owners should refer to the partnership agreement they signed. Business owners who have not signed a partnership agreement can click here to view a sample of one and should contact an Orlando, FL business law attorney immediately so they can have one drawn up. Sometimes, friends or spouses will enter into a business agreement together without first having a partnership agreement drawn up as they may not see the purpose of having one. However, when disputes arise, they can be particularly beneficial to have, especially if the two are unable to work out their differences.
When Business Owners Cannot Work Through Their Differences
In the event the issue cannot be worked out and business partners decide it is best to go their separate ways, they should consult with their business law attorney or contact Legal Counsel P.A. if they do not have one they have been working with regularly. If two business owners no longer want to be in business together, they may either decide to dissolve the business or allow one owner to buy the other out. In either case, it is best to have an Orlando, FL business law lawyer oversee the process to ensure it runs smoothly and neither owners’ best interests are protected.
To connect with a business attorney in the Orlando area, call 407-395-2653 and the legal experts at Legal Counsel P.A. will be sure to provide those in need of legal help with it.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]