Business disputes often happen when two partners decide that it is time to stop working together. They may have started out with the same goals, a solid business relationship and even a general friendship, but things have fallen apart over time.
Unfortunately, it's not always easy to divide up these roles and obligations. Financially speaking, both people have heavily invested in the business. They may both technically want to keep running it; they just don't want to do it together. It's their livelihood and their identity.
The longer you and your business partner in New York work together, the harder it is to move on. That's why it is so important to spot the red flags in advance. A few things to watch out for include:
1. Your business partner never embraces compromise during disputes
When you encounter a dispute about the company's future or what you should do, your business partner refuses to budge. They will not compromise. They will not let you have a say. As a result, you never really get to a resolution. If the conflict gets "resolved," it means that you gave in and allowed them to do what they wanted. That's not a healthy business relationship and it means that the company is not moving in the direction you want.
2. You can't trust them, and they don't trust you
There's an old saying that "if you want something done right, you need to do it yourself." In some senses, this mindset can help you succeed. However, if that's how both you and your business partner feel about each other, it's a problem. Clearly, you don't trust one another. Why work with someone if you think they're incompetent and you just want to do everything yourself?
3. You do more of the work
Since business partnerships often evolve and grow; you may not have started out with a formal agreement on a division of labor. The problem comes if you find that you end up doing most of the work, while your business partner -- despite claiming to be an equal partner -- refuses to take on as many of the obligations.
A situation like this leads to a lot of problems. You feel burned out and overworked, to start with, but you also start feeling like your equal pay isn't so equal. If you do all of the work, shouldn't you at least earn more? Plus, you may start wondering why you need a business partner at all.
Ending your legal relationship
If you see these red flags and decide to end your business relationship, it can get complicated. Make sure you know what legal steps to take.