When you started your business, you knew that you did not want to go at it alone. Possibly from the very beginning, you knew that a business partnership would work best for your ideas and your company. You may even have had the perfect business partner in mind, or at least you thought he or she was the perfect partner.
Your business relationship may have seemed strong and on point for years after your company got off the ground. However, you may have started noticing the appearance of serious issues between you and your business partner. Though squabbles are common in any type of relationship, the current disputes do not seem easily resolvable.
What can you do?
Just like with any type of dispute between partners, it is wise to talk with the other party. If you do not feel that you can discuss the issue and possible ways to resolve it, the problem may only grow, and your business relationship may only become more acrimonious. If you have concerns about how the conversation will go, you may want to have an unbiased third party present who could help keep the discussion on track.
If you believe that your business relationship issues may prove too much, you may want to gain information on your options for leaving the company or what leverage you have to reach your desired results. Typically, this step may involve obtaining legal insight because the partnership agreement, if one exists, likely has information about the steps for exiting the company. In some cases, you may not need the legal information you gain because you and your partner work out the issues. However, it pays to be prepared just in case.
Dissolving a partnership
In the event that you do not feel that the partnership is salvageable, you may want to move forward with a partnership dissolution. Before bringing up this topic to your partner or threatening that it might happen, you may find it helpful to discuss the situation with an Arizona business law attorney. This legal professional can help you understand your options and how the dissolution may affect you and your business interests.
You may want to have an idea about the outcomes you want a dissolution to achieve, and finding the best way to communicate your wishes with your partner would likely help the situation. You could potentially face some backlash after voicing your desire to end the partnership, or the conversation could go smoothly. No matter the outcome, it is prudent to continue working with your legal counsel regarding the steps of dissolution.