Having a business partner to help you through the ups and downs of owning and operating your company can be a good thing. Having someone to share responsibilities can offer some relief. What happens, though, when your partner fails to hold up his or her end of the deal? Is business litigation the only way for company owners in Georgia to resolve their partnership disputes?
There can be a lot of frustrations in owning a company. Unfortunately, for some business owners, one frustration that they did not count on was having a non-performing partner. Generally, when one partner is not living up to the terms of the partnership agreement, how the issue is dealt with is largely determined by how the company is structured and what dispute resolution methods were agreed upon in the partnership contract.
There are typically three ways in which partnership disputes are handled: negotiation, exit and court. To save time and money, most partnership disputes are handled through negotiations, either privately with the assistance of legal counsel or in mediation. If that fails to produce desirable results, one partner may wish to withdraw from the partnership by utilizing the exit strategy that should be included in the partnership agreement. When nothing else works, going to court is an option.
So, business litigation is not the only way in which company owners in Georgia can resolve partnership disputes, though, it is certainly an option — and in specific cases, it may be the best option. If you have an issue with your business partner, you can turn to an experienced attorney for help in resolving the matter. To learn more about how an attorney can assist you with this type of issue, please visit our firm’s website.