As a business owner today, there is more stress than ever for everyone from the owner to the cleaning crew. Competition can be fierce within nearly every industry—and especially depending on what specific products and services you provide. You may be continually concerned about keeping your team members happy and keeping them from going to the competition. If you have a great idea, others will follow suit and you may be street fighting in marketing and pricing to keep your place at the top in the neighborhood—whether running a restaurant, a computer repair shop, or a larger corporation.
If you have business partners, it is vital to have a strong partnership contract from the beginning. With the help of a skilled business partnership attorney, you can create a contract that outlines everyone’s titles, what they do in the company, outline when profits and pay are to be disbursed, and most importantly, offer a comprehensive explanation of the delegation of work. Money and job duties may be the stickiest points throughout the years in trying to get along with a partner.
One of the most important things you can do within your business partnership contract from the outset is to include a special clause for dispute resolution. Not only is it important to write this into your contract initially while you are still getting along, later if there is a dispute you will have already outlined how legal action is to be taken care of—whether through litigation, arbitration, or mediation, or other means. You and your partners may have even detailed where the dispute would be handled and who would pay attorney’s fees.
If you and your partner are both very invested in keeping the partnership going, mediation may be the best route, offering a more comfortable venue for discussing the issues at hand, over the courtroom—not to mention the amount of money that would be paid for litigation. With the help of a mediator or a skilled business attorney, hopefully you can save the partnership if it is agreed upon that is for the best of your company.
Do you have questions about a business issue, or do you need legal assistance regarding a business dispute? If so, contact the Bolender Law Firm. Our attorneys are experienced in representing clients in state and federal courts, at both the trial and appellate level. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!