Having a partner in business offers several benefits. It allows you to have the benefit of someone who complements your strengths and weaknesses, which makes your business stronger in the long run.
However, in any business partnership, issues and disagreements can occur. Do you know what options you have if you experience problems with your partner? Keep reading to find out.
Sue your partner
In some situations, if a breach of contract occurs, you can receive damages. This is possible if your business experienced some type of loss caused by your partner’s unethical or illegal actions. Talking to a legal professional will help you with this.
Reach a settlement
Do you want to continue your partnership? If so, then reaching a settlement with your partner is recommended. This will help you come to a compromise without having to dissolve your partnership completely. In some cases, you can receive restitution for the breach and then move forward for the good of the business.
Expel your partner
In some situations, the breach will be so serious that you want to expel your partner. Unfortunately, this isn’t an option unless your agreement addresses this specifically. If not, then you can’t opt for expulsion without a fight.
Rely on your contract when it comes to taking action
If you need to take action against your business partner, it’s important to rely on your partnership agreement. While a breach of contract can be difficult to deal with, you have options and legal rights, so keep this in mind. When in doubt, review your contract and consider experienced legal guidance to help you proceed.