Working with a business partner is a lot like having any other kind of relationship. Some days are going to be great, and you will see eye to eye on everything. On other days, the two of you might not be able to stand in the same room together. These kinds of ups and downs are typical in any kind of relationship, but when the operations of your New York business is in danger, it might be time to find a solution to your differences.
Fortunately, there are several methods available to help you solve a dispute with your business partner. One of the following dispute resolution options might be the right one for you.
One option that might work for your situation is negotiation. If the two of you can successfully reach a compromise, then you might be able to move on from the dispute and keep your business profitable. The key to achieving a compromise is communication and flexibility. You must be able to recognize that neither one of you will get what you want 100 percent of the time.
Call in a mediator
If you and your business partner cannot come to an agreement on your own, you might want to bring in an independent third-party to act as a mediator. During this process, the mediator will keep the two of you on track as you try to work toward an agreement.
Refer to the management agreement
When you first formed the business, you probably created formation documents, including a management agreement, that addresses issues such as partner disputes. This agreement might provide you with guidance on how to resolve such a conflict and various methods you should follow.
If you have no other option to end a partnership dispute, you might be able to take legal action and let the court make a decision for you. The court might rule that you can buy out your partner or offer some other means to resolve the problem.
If you have a dispute with a business partner, there are various options available to solve the problem. One of the above options might be a viable solution to get things back on track and keep your business running smoothly.