Business partnerships in Washington usually work out well. But like with any partnership, things can go sour. Small disputes can become major problems that hurt the business. When business partners are unable to resolve their differences, they might have to look to business law for help. Here are some legal options for dealing with a partnership dispute.
A lawsuit between business partners can get messy, but it’s often the only option. It depends on the seriousness of the situation. Perhaps one partner stole from the business, committed fraud or performed some other illegal activity. The other partner might have no other recourse than to file a lawsuit. A business law professional can determine if legal action is the best option.
Mediation might help if the business partners want to keep working together. A mediator is a neutral person who helps individuals overcome their differences. It’s an alternative to filing a lawsuit and helps the partners resolve their business disputes.
Selling the business is an option when neither partner wants to remain in business. In this scenario, business is going well. However, the partners can’t overcome their dispute. There are several legalities involved in selling a business. Counsel experienced in law and business can help make sure everything is done legally.
It’s possible for one partner to buy another partner’s share of the business. The partners want the business to continue, but they’re unable to solve their dispute. One partner can agree to sell their share to the other partner. A company valuation is necessary so the partners will understand the value they hold. A professional in business law can oversee negotiations and help finalize the sale.