Businesses can change over time. Partnership agreements are usually created during the planning phase of a business and are not always re-evaluated until a problem ensues. However, a problem does not necessarily have to mean that the relationship should be dissolved; it could instead mean that a change in how the business partnership is managed is in order.
A good Ventura contract dispute lawyer can work with your business to pinpoint the problems that are causing strain for both parties. For instance, if one partner is not paying bills on time, it could adversely affect the business’s future access to credit. Another potential problem could be a difference in the partners’ visions for the company future. Making joint decisions with a partner one does not see eye to eye with can be painful for everyone, including other stakeholders. Here are some possible solutions that a qualified Ventura contract dispute lawyer can use to help you save your business.
1. Shift the percentage of ownership within the partnership
Shifting the percentage of ownership within a partnership can be a worthwhile solution to ponder. The solution may be that one partner has less involvement than the other so that they can each focus on the parts of the business that make the most sense. Or perhaps the ownership should be spread more evenly between each partner.
2. Make arrangements to buy out your partner or sell your share
Buying and selling a portion of a business can be complicated, particularly if the business has changed since the partnership was first developed. Oftentimes, partnership contracts are not updated along the way to reflect how the enterprise runs on a day to day basis. A contract lawyer can help owners to figure out exactly how to buy or sell and can take any situational changes into account so that things are fair for both parties.
3. Dissolve the partnership
Every business partnership contract should have a dissolution plan incorporated into it; whether it does or doesn’t, a contract lawyer can help ensure that the partnership is ended properly.
When renegotiating a business partnership, there are many things to consider that people often forget about when starting out. Our office can help you renegotiate or dissolve your partnership within the terms expressed by California state law. If you are looking for an expert in contract dispute law, we are more than happy to serve you.