How West Palm Beach Businesses Can Resolve Shareholder and Partner Disputes
When a business is formed between two or more people, a dispute is bound to arise. Shareholder and partner disputes occur for many reasons and can result in long lasting damage to a business’ reputation and the trust that the shareholders or partners had with each other. Today, the attorneys at Kelley Kaplan & Eller will show you how you can work out your differences and minimize the financial consequences that come along with the disputes.
Resolve the Dispute Early On
Sometimes, people like to ignore the signs of a dispute. Facing the situation early on will lead to a more favorable resolution and avoid lingering issues. The longer each person waits, the longer it will take for everyone to get on the same page and reach a conclusion that everyone can agree with.
Take some time to discover the root cause of the disagreement or dispute. The issue can be internal or external. But you don’t want to risk closing your business because of something that could have been resolved before the situation exploded and got out of hand.
Review Your Operating Agreement or Bylaws
Every West Palm Beach business should have established its foundation on some sort of an agreement, be it an operating agreement or bylaws. These documents usually contain information on how to resolve disputes.
Follow the procedure included in the document with how to proceed with handling the dispute.
Collaborate and Let Everyone Have a Voice
Each business partner is unique and each partner has a separate voice that matters. Take a collaborative approach to resolving the dispute by letting everyone have an input.
Make sure to focus on what you all agreed on and the interests you shared when you started your business. Once you do so and remember why you started, compromise will come easier as the goal at the beginning, and throughout the business has been to stay in business.
Close the Business
When all else fails, you may be faced with the dissolution of the business. Sometimes, saving the relationship with the partners is what matters most. However, your personal finances do not have to suffer just because you and your business partners cannot find a reasonable solution and no longer want to be in business together anymore.
Dissolving or closing the business is always an option. However, closing the business happens in stages and it can take some time.
When the time to close the business arrives, it is always recommended that you consult the expertise of a West Palm Beach attorney that has handled shareholder and partner disputes. The attorney will guide you on the journey to closing the business with your partners and put you on the best path to protect your finances.
Contact Our Experienced West Palm Beach Shareholder or Partner Dispute Attorneys for Help
If you’re trying to resolve shareholder or partner disputes within your business alone, contact the West Palm Beach shareholder and partner disputes attorneys at Kelley Kaplan & Eller. We’re always happy to listen to your problems and discuss how you can reach a successful outcome with your shareholder or partner dispute. Contact us for a consultation at 561-264-6850.