Business partnerships are a lot like marriages. Instead of dreaming of a romantic future together, the involved parties envision owning and operating a successful business that produces incredible profits. However, when business disputes inevitably arise, business partners in Miami should be prepared to explore their options when resolving these disputes.
Being able to effectively negotiate has already helped you turn your startup into a successful business. Now, the future of your business relies on your ability to negotiate with your partner. Be willing to sit down and work out an agreement with your partner that allows each of you to walk away feeling like you got what you wanted out of the dispute.
If you and your partner can’t come to an agreement through negotiation, mediation is another option. Instead of dealing with the time and expense of litigation, mediation provides a legal course of action without involving a judge or jury. A court-appointed mediator is typically less expensive than lawyer fees and court costs and can still provide a legally binding resolution to the dispute.
The smartest business owners have plans in place to handle situations before they become reality. Having documents that both parties have reviewed and signed can help ensure that you don’t waste time and money if a dispute comes up. You can even put provisions in place for one partner to be able to buy out the other if you aren’t able to resolve the dispute.
There are times where a business dispute may require litigation. If you and your partner cannot come to an agreement, you may have to take the case to a judge who will provide a legal ruling.
No matter what route you choose when handling your business dispute, you should employ the services of an attorney who is well-versed in business law. This attorney can review any management agreements and other documents to help you better determine how to proceed in your dispute.