It’s great when things are going well with your Texas business partner. But, what happens when you don’t agree on something? Fortunately, you can prepare yourself for this situation by learning how to resolve three common business partner disputes.
Arguing about money
Considering the importance of money, it’s no wonder that finances are one of the main causes of business partner disputes. While they’re unpleasant, disagreements about money will arise during a business partnership.
A great way to resolve arguments about money is to ensure all partner salaries reflect the time and effort they’ll put into this business. You can also prevent disputes about spending by having a partner approve all expenses before any payments go out.
Disagreeing over intellectual property
If you based your business on your intellectual property, it can end up as the property of this company. However, you might not want a company you work for taking ownership of it.
To protect your intellectual property, it’s important to document that you are its owner. This document should also list that you have the right to revoke the license at any time. If not, you could need a business law attorney to help you prepare for a legal battle.
Dealing with operational disputes
At the beginning of most partnerships, everyone involved will pull their weight. However, due to many factors, some partners in a business are likely to take on more work than others. Understandably, these situations can cause disagreements among business partners.
To resolve these disputes, try to understand why there isn’t an even workload among your partners. Then, you can form a new work plan to resolve these issues. A new work plan should help even everyone’s workload.
