Business partnerships will fail from time to time. Disputes arise and partners find themselves in a falling out. Sometimes they can resolve things and begin working together again. In other cases, the falling out is so significant that one of them has to leave the...
Partnership Disputes
Questions to ask in a partnership dispute
Business partnerships do not always go to plan. Issues can occur that strain the partnership and leave you wondering if you wish to continue. Reflecting on a few basic questions can help you decide your next move. Here are three: Is it a difference of opinions or a...
Can you prevent disputes with your business partner?
Disputes between business partners are not uncommon. Fortunately, many partners manage to resolve them. However, it’s better to prevent conflicts. Here are few things that can help. Have a written partnership agreement A partnership agreement doesn't have to be in...
Steps to take when closing your Kentucky business
Many businesses throughout Kentucky and across the country have fallen on challenging times for a perfect storm of reasons including: The COVID-19 pandemic Interruptions in supply chains Inflation Labor shortages Street violence and property destruction Burnout and...
7 common types of partnership disputes and how to prevent them
Business partnerships often start out happily enough. Two or more like-minded people with similar backgrounds and experience decide to build a company. Some contribute money while others contribute expertise and hard work. As things develop, they hire employees and...
Top 5 reasons why business partnerships fail
Starting a business with a like-minded entrepreneur offers many advantages to combine similar skills and share the costs as well as the risks with someone equally committed to success. However, some of the positives can turn to negatives without a clear and documented...
Drafting a prenuptial agreement for a business partnership
In a lot of ways, a business partnership is similar to a marriage. You incur some financial and legal vulnerability for the actions and decisions of your partner. You need to ensure you are both in agreement on major issues to prevent disputes down the road. Far too...
What to do when your business partner wants to leave
Forming a business as a partnership is one of the simplest ways to get a business off the ground, but this simplicity can lead to complications later on if partners do not take the time necessary to form the enterprise properly. One of the most common complications...