When you have a partner in your business in Ohio, there may come a time when a business partner wants out. If your partner wants to end your business relationship, it can affect the other partners and the business. There are a few reasons to consider dissolving the relationship, which include the death of a partner, illegal activities, a partner retires, or the partnership files for a Chapter 7 bankruptcy case.
There are a few signs it may be heading towards a break-up. Your partner may have a change in their goals, disagreements about business decisions, a lack of communication, and if one of the partners is failing to contribute.
How to prevent your business partnership from failing
If you want to reduce the risk of your partnership failing, be clear about the game of the partnership. Determine how partners can exit without causing a lot of conflict or discord. Nurturing the relationships within the partnership to ensure you can maintain the trust and respect you have towards one another to avoid conflicts and protect the business. This can also make it easier to learn how to communicate better and how each other work.
Create a formal agreement and put each partner’s responsibilities in writing. There should be equal give and receive to prevent anyone from getting the short end of the stick.
Who can you contact for legal assistance?
If your business partner wants out, it’s important to contact an attorney with experience in business litigation. The attorney will guide you through the legal process and inform you of your rights. They can perform in-depth research and also help you work through contract disputes. They’ll work hard to make the outcome work in your favor. Their skillful negotiation can allow you to avoid further issues and work on settling with your business partner.