There is no doubt about it, whether you own or are starting a business in Georgia or elsewhere, having a partner to help with your venture can have many advantages. One of the biggest advantages would probably be that, having a partner can help ease some of the burdens you may feel if trying to go it all alone. However, bringing on a partner also means bringing in a person with his or her own ideas as to how things should be run. What happens if disagreements occur and contract disputes ultimately arise?
When it comes to partnerships, there are three basic types that are recognized under the law. These are limited, joint and general. When a general or joint venture is entered, all parties will agree on roles and responsibilities and will equally share in profits and losses. Limited partnerships are vastly different in that these involve business owners and their investors. The investors are not likely to involve themselves in day-to-day operations.
After forming the partnership type that best suits your circumstances, it is wise to put the appropriate legal contracts in place. Partnership disagreements do happen. By putting roles, responsibilities and expectations in writing, as well as deciding beforehand what dispute resolutions are acceptable when conflicts do arise, litigation may be avoided. To learn more about business partnerships and handing contract disputes, please visit our firm’s website.
An experienced business law attorney can help company owners in Georgia create partnership agreements that offer all the legal protections that they need. Seeking out these protections is a must, as failing to do so can ultimately affect the future of your business. If contract disputes arise, steps to resolve the matter can be taken through negotiation or litigation — if necessary — in order to minimize the negative consequences it may have on your company.