Negotiations may help avoid litigation over partnership issues

When you first went into business with your partner, you may have thought you could not take on this endeavor without him or her. Over the years, you found yourselves at odds from time to time, but you managed to reach resolutions to any differences of opinion you may have had. However, your partnership issues seem to have reached a breaking point, and you feel uncertain about what to do. Before you start to wonder whether this is the end of your business, remember that partnership disputes happen quite often and even if a partnership seems headed toward a total dissolution, it does not mean that the business will go under. Of course, before you head straight toward litigating the issues you and your partner cannot agree on, you may want to consider negotiating. Negotiating disputes Negotiating can go a long way in saving time and money that would go toward courtroom litigation. If you have a partnership agreement (which hopefully you do), you can check back to the terms of the agreement to determine whether you put in any details regarding how to handle serious partnership disputes. If you have been in business for years and have not updated the agreement, you may not fully remember the terms to which you agreed. A refresher could help you understand your viable options. If you both believe that the time has come for one of you to exit the business, your negotiations can hopefully allow you to reach an agreeable outcome. Again, your partnership agreement may already have terms for a partnership exit strategy, but if not, negotiating an outcome that would be fair to both parties may be possible. What if negotiations stall? Unfortunately, the possibility of deadlock with negotiation is possible. You may have a stance that you feel strongly about and do not want to back down from, and your partner may have a different stance that he or she does not want to give up. Some compromise could help alleviate the issue, but if you reach a complete stalemate, litigation may become a more necessary option. When facing this type of serious dispute that puts your business on the line, you undoubtedly want reliable help and information. Fortunately, you can seek guidance for handling disputes, working through negotiations and moving forward with litigation from an experienced Ohio business law attorney. Your legal counsel could advise you on your available options and how to best protect your and your company’s interests.