No one intends for a business partnership to turn sour, but like any relationship, differences in values, business style, opinions, and decisions can lead to divisions. Business involves money and risk; for some, the stress can become too overwhelming. Sometimes the partnership simply runs its course and is no longer beneficial to one or both parties. The fact remains, almost 70% of all business partnerships ultimately fail (The Balances Mb).
- What should you do if you think your business partner is embezzling money from your business?
- What should you do if you think your business partner is using your business for fraudulent purposes?
- How do you hold a partner accountable for bad decisions that affect the business?
- How do you settle disputes over the management of your business or creative differences?
- What if your visions of the future of the business don’t align anymore?
These are all questions that many business owners ask. Ousting a bad business partner may be more difficult than you think, particularly if you have no partnership or exit agreement in place. An attorney will be able to help you navigate the best strategy for reaching a settlement and/or dissolving your partnership. They can also provide advice regarding the pursuit of any further legal action you may want to consider pursuing, as you may be entitled to compensatory damages.
Your business is your financial security and you should feel confident in any person or entity you create a partnership with. The future of your business depends on strong relationships. The best decision you can make is to ensure you do your research and protect your business prior to entering into any partnership. However, when someone wrongs your business it might be time to split from your business partners.
If you suspect you have a business partner acting unfaithfully the corporate lawyers at Hoover Kacyon can provide you an initial consultation to evaluate your case. Contact our office at 330-922-4491 or through our contact page to schedule a free, initial consultation.