Ideally, you will have a good relationship with your Louisiana business partner. However, regardless of how well you get along with this person, there is a chance that conflicts will occur. Fortunately, there are steps that you can take now to prevent a minor disagreement from escalating into a lawsuit.
Create a written partnership agreement
A written partnership agreement can specify the roles and responsibilities of each owner. It isn’t uncommon for one partner to run the company while the other simply provides money to buy equipment or pay employees.
Furthermore, a written agreement can stipulate how disputes are to be settled. For instance, the contract can specify that disagreements are to be resolved through mediation as opposed to litigation.
The agreement might also provide a path for one owner to sell his or her share of the business to the other as an alternative to litigation. A business law attorney might be able to provide more insight into what this type of agreement can do.
Don’t be afraid to compromise
The ability to compromise is an important part of any successful relationship. In many cases, letting your partner have his or her way can avoid petty disputes and drama that can cause disagreements to escalate quickly. Furthermore, your fellow owner is more likely to be flexible about issues that you care about in the future if you act in an accommodating manner today.
If you are in a dispute with a business partner, an attorney might take steps to help you obtain a favorable outcome in the matter. These steps may include reviewing an existing partnership agreement, email exchanges, or any other documents that were created prior to the dispute occurring. An attorney may represent your interests during settlement negotiations or in court.