As a Partnership disputes lawyer Des Moines, IA from Law Group of Iowa has seen before, the parties in a business partnership may at some point realize they have differing views over values, goals, or other elements of the business. Forming a partnership can yield many benefits, however, it can also create more of a risk of disagreements and legal disputes. Because of this, it is vital that business partners understand what can go awry and how they can prevent them from happening.
Discuss problems early on.
Partners should talk about potential problems early on, prior to being deeply invested in the business together. Partners who find themselves in a disagreement after already dedicating quite a bit of time may feel they are too committed to back out. Or, the partnership breaks and it causes the company to suffer greatly. By reviewing issues from the start, it can help everyone assess whether the partnership is a good fit for them or not.
Write an official agreement.
While many people engage in verbal agreements, it’s best to have it written up in contract form and signed by all parties. This can be used as a reference so that each party understands his or her duties and role for the company. A contract can allow future disputes to be resolved more quickly. As your IA Partnership disputes lawyer in Des Moines may suggest, it’s imperative that you have a lawyer review a contract for errors before signing. Your lawyer can determine if the agreement is reasonable and legally binding.
Review goals and values.
What are the goals and values you hold for the business? Do you and the other partners have a similar vision for the business future? It is recommended that partners compare ideas and then work together to find at least a middle ground and then put those in writing. Each party in the partnership should agree on the kind of work environment they want to create, leadership roles and styles, and type of growth strategies they want to use for the business.
Contact The Law Firm of Iowa
It’s worth noting that most people who enter business partnerships have the best of intentions, but there are times when disagreements may arise despite that. It is for the benefit and protection of the parties involved to have a lawyer fine-tune any and all contracts before signing. Take the time now to prevent potential issues, so you can hopefully avoid having to deal with them altogether. For more information, feel free to contact a Partnership disputes lawyer in Des Moines, Iowa from Law Group of Iowa to schedule a consultation with a member of our legal team.