You may never anticipate to run into problems with your business partner, but people react in unexpected ways when things aren’t going so well with a company. One day, you could be conducting routine business operations and suddenly find you were locked out of your bank account. After you have your shock and anger under control, your first step should be consulting with a lawyer who will protect your rights. From there, a Clearwater, FL partnership disputes attorney can help with the next steps to resolving your situation. Depending on your situation, a resolution strategy may include:
- Identify Areas of Dispute: Though it seems logical and simple, many business partners overlook this essential first step. You need to pinpoint areas of dispute if you stand any chance of resolving them. Partners can often reach a compromise when each one understands why the other is dissatisfied. Whether the issues are financial or related to how the company is being operated, it’s helpful to view the bigger picture as smaller, individual points of disagreement.
- Communicate Proposed Resolutions: Once you have a list of contentious issues, you can start discussing ways to resolve them. Often, there must be a give and take to come to an agreement that satisfies each partner’s needs. In addition, it’s common to reach an accord on some disputes – while others remain unresolved.
- Consider Options for Dispute Resolution: If you’re unable to agree on areas of dispute, you may need to take things to the next level with official dispute resolution strategies. Mediation is one option, where you and your business partner meet to discuss your disagreement with a neutral, third party. A professional mediator is specially trained and certified to assist with dispute resolution, by encouraging productive conversations regarding your situation. In many cases, you can come to an agreement and move forward. Arbitration may be another option, where you hand over dispute resolution to someone else to make a decision. This method is more extreme, as most forms of arbitration require you to comply with the findings of the arbitrator. With mediation, you’re not bound by the process and can still take the matter to court.
- Planning for the Future: Even if you’re successful in resolving your partnership dispute, you should consider taking action to avoid future bank account lockouts or other disputes. One option is to amend your partnership agreement or other company documents to include provisions on dispute resolution. You should also talk to your bank about restructuring your account details, such as requiring two or more signatures when one partner wants to take designated actions.
Talk to a Clearwater Partnership Disputes Lawyer About Your Situation
With an attorney’s help, it’s possible to prevent contract disputes from turning into expensive business litigation. A lawyer can assist with communication, and can represent you in mediation and other forms of dispute resolution. To learn more about how we serve business owners in Clearwater, FL and Pinellas County, please contact Clearwater Business Law. We can schedule a consultation to review your matter and discuss strategies for settling partnership disputes, call (727) 785-5100.