Joining a like-minded party in a business venture can make things a little easier. And if you get it right, a business partnership can broaden your reach and help you build a stronger and more profitable business venture.
However, business partnerships, like all other arrangements, come with their share of challenges. For instance, it is not unusual for partners to get into occasional disagreements. But what happens when these disagreements amount to a breach of the partnership agreement? Most importantly, what happens when the breach in question leads to irreconcilable differences?
What are signs a partnership is in trouble?
Two heads are better than one. However, getting into a business partnership with the wrong individual can turn out to be your worst business decision. Here are some of the signs you need to look out for if you suspect your business partnership could be headed in the wrong direction:
- They are no longer advancing the company’s interests
- They are bypassing you while making crucial business decisions
- They are not owning up to their mistakes
- They are dishonest with you
As soon as you notice these signs, you are better off seeking an audience with your partner. Do not leave anything to chance, especially if your partner’s actions are likely to cost the business money.
What can you do if the partnership sours?
Make no mistake, a breach of a partnership agreement is no small matter. Depending on the nature of the breach and the resulting damages, you may take any of the following steps:
- Reach a settlement and continue with the partnership
- Sue the partner for the resulting damages
- End the partnership
A business partnership, just like any relationship, has its good and bad days. Learning more about Florida business laws can help you protect your rights and interests when addressing a partnership dispute.