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Is your business partnership showing signs of serious issues?

| Feb 19, 2019 | Partnership Disputes |

Having a business partner or multiple business partners can often make starting a business or continuing operations easier. Partners may mean that more funds are available to get operations underway and to take further steps toward success. Of course, even with business partners, your company may still have a long way to go before reaching that desired success.

Unfortunately, some partnerships that seemed a perfect match in the beginning may show signs of breaking down later. If you ignore certain signs that your partner may no longer feel invested in the company, the business could take a turn for the worse.

Partnership problems

Business relationships are often compared to marital relationships because some of the same actions are necessary to make each type of relationship thrive. This comparison also often comes about because an unhappy business partnership and an unhappy marriage can both have significant impacts on your life.

Your partnership could potentially end up on the rocks if you notice any of the following issues:

  • Unclear responsibilities: As your business grows, the responsibilities of you and your partner also change. If you do not account for these changes, necessary tasks could slip to the wayside, or you and your partner may feel as if you are stepping on each other’s toes.
  • Lack of communication: Just like in marriage, communicating with your business partner is vital. If you do not keep up clear communication, you may not stay on the same page as far as company goals, compensation, growth and other matters.
  • Lack of engagement: Over time, you may notice that your partner’s enthusiasm for the job has waned and that he or she has not been performing in a quality manner. This issue could be fixed with some time off, but in some cases, if a partner no longer wishes to take part in the company, more drastic measures may be needed.

Of course, other signs could also point toward issues in business relationships. If you or your partner let the problems go for too long, the situation could become serious.

Litigating disputes

In some cases, you and your partner could reach a point to where you cannot seem to find resolutions to your disputes. As a result, litigating the issues may be the best available option. In such a situation, it would likely benefit you to discuss your options and stance in the matter with your Florida legal counsel.