There are several ways to operate a business in Florida. Considering that, partnerships are often great for people who don’t want to run a company by themselves. With that said, there’s no guarantee that every business-related partnership will stand the test of time. If you and your business partner aren’t seeing eye to eye, here are several ways to resolve this dispute.
Resolving things through mediation
In most cases, partners don’t want their companies to end because of a dispute. Therefore, mediation is often a great solution when two parties can’t get along. By choosing this route, a mediator would act as a neutral party to help facilitate an outcome that you and your business partner agree upon.
Sometimes, resolving disagreements isn’t as easy as hiring a mediator. In particularly heated disputes, it’s not uncommon for business partners to resolve things through litigation. Someone often chooses this option when they suspect that another party is guilty of some type of misconduct.
Buying out a business partner
Another way to resolve disputes is by buying out your business partner’s stake in the company. Business partners choose this option when they can’t work together, but don’t want the company to suffer or close its doors.
Some business contracts cover what to do in a buy-out. If the contract between you and your business partner doesn’t cover how to handle a buy-out, you’ll need to have a professional valuate your company. After that, you and your business partner can discuss the exact terms of a buy-out agreement.
Filing for bankruptcy
For a business-related dispute to exist between two people, there has to be a cause. Sometimes, business partners don’t agree with each other because the company they own is in serious financial trouble. If this is the case, there might be no better solution than to file for bankruptcy.