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Take steps to prevent a disagreement with your business partner

| Jun 20, 2019 | Business Law |

When you go into business with another person, it’s critical that you’re both on the same page in regard to your vision for the company, professional goals and responsibilities.

You’re likely to disagree with your business partner every now and again, and there’s nothing wrong with that. In fact, it’s healthy to have differing viewpoints as it gives you the opportunity to look at the issue from a variety of angles.

There are many steps you can take to prevent a serious disagreement with your business partner, such as:

  • Clearly define your responsibilities: By doing this up front, you’ll both know what you’re responsible for, making it easier to resolve any issues associated with who is doing what.
  • Work together to create a business plan: This allows input from both individuals, which lessens the likelihood of a future disagreement. If you talk through potential disagreements during this phase of starting a business, you won’t have nearly as many problems in the future.
  • Before opening your doors, make key decisions about the future of your business: These pertain to things such as ownership rules, buyout rights, money distribution and the legal rights to patents and intellectual property.

There are many benefits of going into business with a partner, including the fact that you both bring a different skill set to the company. Furthermore, you can get more work done with two people.

If you run into any type of disagreement, attempt to work things out in a reasonable manner. If that doesn’t work, it may be time to consider mediation or litigation.