Part of the proverbial American dream is to own one’s own business. To that end, friends or colleagues often form partnerships with the best of intentions. All too often, however, such a business arrangement falls prey to disputes which, left unresolved, can threaten even the company itself. If you are experiencing a partnership dispute, a Cleveland business lawyer can help.
A Cleveland Business Attorney on How Disputes Arise
Partnerships are not all that difficult to create. However, perhaps in part because of this fact, they can pose significant challenges. One major problem is that the partnership arrangement often derives from a long-standing relationship such as a friendship and the parties fail to put to paper in contract form all that is important. A Cleveland business lawyer can attest that it is vital for friends and even spouses to put together a detailed business plan that outlines all pertinent matters related to running the enterprise.
A Cleveland Business Lawyer on Effectively Dealing with a Dispute
When you meet with a Cleveland business lawyer, he will need to know specifically what is at issue and how the partnership was initially put together. Usually, a partnership is created with a common sense of purpose, but along the way the members begin to diverge in their perceptions of how best to proceed. In some cases, their visions come to differ.
Your Cleveland business lawyer will tell you that among the more common reasons for partnership disputes are:
- A decline in profit;
- Mismanagement of finances;
- Failure to create a viable partnership agreement;
- Incompatible visions;
- Dishonesty by one or both partners;
- Personality clashes; and
- The wish of one partner to either disassociate himself from the business or dissolve it altogether.
You may initially consider mediation as a means of settling a disagreement. When this proves impossible, a Cleveland business lawyer should be brought in who can help the partners resolve the dispute. In very serious disputes, sometimes there is no alternative but to dissolve the business.
Contact a Cleveland Business Attorney for Legal Assistance
If you are involved in a partnership dispute, it is a good idea to hire a Cleveland business lawyer who can help you toward an agreeable resolution. Call the Law Office of Shapero & Green to arrange a consultation today at 216-831-5100.