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Rules for handling business partnership disputes in New York

On Behalf of | Jan 5, 2023 | Business Formation |

Running a business in New York isn’t just about providing services and products to your clients or customers; internal operations require proper management. One of the most important elements is ensuring a successful business partnership. Issues can arise between partners that can even lead to costly and time-consuming lawsuits or even the dissolution of the company if not addressed promptly and efficiently.

Establish ground rules

All business partners need to agree upon a set of ground rules and expectations. Draft a contract based on your business formation and planning that outlines the specific details of running your company and ensures that all parties involved agree to the terms. Once these rules are in place, it will be easier for partners to abide them if something goes awry.

Communicate openly

When issues arise, the best way to handle them is through open communication. Partners must be able to express their thoughts and feelings honestly, without fear of judgment or criticism from their business associates. This allows each party to listen to other points of view and devise a compromise if need be.

Consider seeking professional advice if need be

If there’s still no resolution after trying out the above two steps, it may be necessary to seek professional legal or accounting advice. A third-party professional (a mediator or arbitrator) can provide unbiased counsel and assist in finding a solution that works for all parties involved.

Most businesses that survive partnership disputes often find it somewhat easier to move toward their goals. This is because these entrepreneurs have taken the proper steps to address conflicts and put in place measures that enable them to avoid future disagreements. Therefore, if you are experiencing conflicts or disputes within your company, this may be a potential for growth and progress if handled correctly.

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