Tips for Ending a Business Partnership
Business partnerships can be incredibly rewarding. Having the ability to share in the responsibilities of a partnership can provide business partners with someone to rely on during the trials and tribulations of owning a business. Sharing in the risk of business ownership with a partner can have a series of advantages. However, in some cases, business partnerships don’t always go as expected. When partners are unable to stay in business with one another, they may choose to end their partnership. In some cases, this can be resolved amicably. However, in most cases a business lawyer Memphis, TN like one from Wiseman Bray may play a key role in the dissolution of a business partnership. Here are some tips to consider should you and your business partner decide to part ways:
Tip #1 Review Your Partnership Agreement
In the event you created a partnership agreement, taking the time to review it can help to provide both you and your partner with insight. A partnership agreement can act as a guide to business owners, especially when faced with conflict or disagreement over the business. Once you have made the decision to end your partnership, the agreements you have in place may shed some light into how you should go about dissolving your partnership.
Tip #2 Be Honest with Your Business Partner
Have you tried to communicate with each other regarding the problems? Chances are, if you are ending a business partnership, the likelihood that you and your partner have been struggling to run the business together is high. If you have decided to end the partnership, it’s important to at least make attempts at communicating how you are feeling and the decision you have reached.
Tip #3 Attempt to Negotiate with Each Other
Avoiding litigation is usually an attractive option for many business partners. In some cases, partners looking to dissolve their partnership without litigation may be possible. However, it’s important to bear in mind that there can be many complexities to dissolving a partnership. Many of which, you may have not even considered. Accessing a business lawyer in Memphis, TN to provide counsel and assistance with this process can ensure that you cover key details to the dissolution process.
When A Memphis, Tennessee Business Lawyer Becomes a Necessity
Even before negotiations to end a business partnership go south, obtaining counsel from a trusted business lawyer in Memphis, TN may be necessary. Partnership dissolutions are often a complex matter. It’s likely this process may result in hard feelings between partners. Counsel from a business lawyer that Memphis, TN residents recommend can be especially key to remain focused on the task at hand. A business lawyer can help by putting together a dissolution plan that includes:
In some cases business partners can endure this process together. In other situations, partners may be unable to reach an agreement, making the ability to negotiate terms nearly impossible. A business lawyer Memphis, TN relies on can help a business partner to file a lawsuit to pursue a dissolution of the partnership. Through litigation, the courts may make decisions regarding payments and the division of assets. The process of ending a partnership that requires litigation, in some cases may be the only viable option. A Memphis, TN business lawyer can help assist in the complexities surrounding this significant change to your business.
Dissolution of a partnership can be a pivotal decision for a business owner. Regardless of the reasoning behind moving forward, managing the fear of the unknown can be challenging to manage alone. A business lawyer Memphis, TN trusts can work closely with you to protect your interests and manage the legal issues you may be facing.