How to Resolve the 3 Most Common Business Disputes

There is nothing better than starting a venture with a partner who is equally driven and passionate as you are. Shared vision and challenges make the journey an exciting one. 

Just like any relationship, the business partnership also witnesses its sour days. You both aren’t on the same page, find it difficult to agree on common grounds, and there is miscommunication. There are many other factors affecting professional partnership. 

Here are the three most common disputes faced by business partners and how to resolve them. 

1. Monetary Disputes

At the end of the day, it is a business and revolves around money. Thus, there ought to be certain monetary disputes. 

This dispute can be prevented or resolved by stating clear ownership rules since the beginning. Both partners should agree on a decision before finalizing and work towards keeping things transparent. 

Whether it is salaries, expenses, or profit disbursements of tax, everything needs to be covered in the operating agreement.

2. Operational Disputes

Down the road, issues can arise at any time. When one partner is solely carrying all the weight whilst the other enjoys the perks. 

It is called partnership for a reason. The effort needs to be distributed equally so anyone does not feel supremely loaded. Being upfront and clear about the operations with your partner can melt away much of the misunderstanding. 

You can anytime get legal assistance if things start to take a toll on the business. Commercial Litigation Solicitors can help with dissolving the partnership, bringing in third-party investors, making the partner a shareholder from an employee, and more.

3. Intellectual Disputes

If one of the partners owns the intellectual property, steps can be taken to protect the ownership. With clear documentation, the partner gets the licence to own it. In the event of a dispute, the licence can be revoked by the individual.

If the owner allows the company to use the intellectual property without the necessary documentation, it can be ruled out in a dispute that the intellectual property belongs to the individual. 

How to prevent the disagreements? 

• Be sure of your partner’s reputation and reliability.

• Check for lawsuits and criminal records before entering into a business partnership.

• Check the current facility.

• Assign responsibilities - money distribution, role, decision making, and rights to intellectual properties. 

• Consult an experienced attorney to establish ground rules.

Consult Aman Solicitors Advocates for Commercial Litigation for disputes such as breach of contract, partnership disputes, shareholder issues, and everything within the business context. The team is experienced and provide assistance in specialist areas of law. 

Visit the website for details http://amansolicitors.co.uk.