Going into partnership is one way to make a successful business. You have someone to share ideas and work with and to celebrate when things go well. But what if the partnership becomes a problem?
1. Start with an operating agreement - When documentation is completed there is no room for doubts or guesswork. All partners sign that they are in agreement with the contents and they will have to abide by the agreement in future.
2. Hire a personal attorney – They can make the legal work simple for you should you need it. If your business is your career there is no need to take risks. If your partner if getting a lawyer to look after his interests it is important for you to get one too. In the long run, legal fees will never outweigh losing years of your life and thousands of dollars in trying to run a business.
3. Be proactive – There will be times when you need to address worst case scenarios when a problem arises. That way you and any partners can be prepared. Ask the hard questions: What would happen during a conflict? Can a business partner vote me out? These questions can make others uncomfortable but they give a clear road map to the future.
4. Think of “no deal” as acceptable rather than feeling frustrated about it. Partnership negotiations can take weeks so take your time to feel comfortable about the target. Make sure you are in agreement with your partner’s ethics and how he conducts himself during negotiations because they shed light on what type of partner he will be.
5. Find a partner with complementary skills. That way you will not be on each other’s turf and the business will also benefit from a multiple skill set.
A business of any size will benefit from legal advice from the professionals. Resolving business disputer require the services of a skilled negotiator who understands his client’s needs and aims for a successful outcome in the shortest possible time.
Website: https://www.pintojames.com/partnership-disputes
Phone: (416) 479-0870
Address: 65 QUEEN STREET WEST (AT BAY STREET), SUITE 1155 TORONTO, ONTARIO M5H 2M5
How can you avoid partnership disputes?
2. Hire a personal attorney – They can make the legal work simple for you should you need it. If your business is your career there is no need to take risks. If your partner if getting a lawyer to look after his interests it is important for you to get one too. In the long run, legal fees will never outweigh losing years of your life and thousands of dollars in trying to run a business.
3. Be proactive – There will be times when you need to address worst case scenarios when a problem arises. That way you and any partners can be prepared. Ask the hard questions: What would happen during a conflict? Can a business partner vote me out? These questions can make others uncomfortable but they give a clear road map to the future.
4. Think of “no deal” as acceptable rather than feeling frustrated about it. Partnership negotiations can take weeks so take your time to feel comfortable about the target. Make sure you are in agreement with your partner’s ethics and how he conducts himself during negotiations because they shed light on what type of partner he will be.
5. Find a partner with complementary skills. That way you will not be on each other’s turf and the business will also benefit from a multiple skill set.
How can a Toronto partnership and business disputes lawyer help your business?
Phone: (416) 479-0870
Address: 65 QUEEN STREET WEST (AT BAY STREET), SUITE 1155 TORONTO, ONTARIO M5H 2M5
