How to resolve business partner disputes
- 9th December 2020
- No comments
If you and your business partner or fellow shareholder get into any type of disagreement, the legal disputes that can follow can be a stressful, time consuming and damaging for your business.
Whatever the structure of your business, it’s important to understand the options available to you when conflict arises. Disputes, like any other part of your business, must be managed or they can escalate, becoming both disruptive and costly.
Review your documentation
To avoid costly disputes, you need to have the proper documentation in place to cover your business from any complex situations that may arise. A well-drafted partnership deed or shareholders agreement not only outlines your rights and responsibilities, but it can help clarify the decision-making process should things go wrong.
Try using Alternative Dispute Resolution (ADR) methods
Most business disputes can be resolved or managed through effective communication. By using Alternative Dispute Resolution (ADR) methods, such as arbitration, adjudication, mediation, negotiation and expert determination, businesses can aim to resolve internal disputes quickly and cost-effectively.
Seek legal advice early
If you find yourself involved in a dispute which you are unable to resolve, you should seek expert legal advice from the outset. In times of dispute, it’s important to have no-nonsense advice delivered to you in a way that you best understand.
Do you need help with a business partner dispute? If you need advice, guidance or support from our team of legal experts, please contact dispute resolution solicitor, Vanessa Lovell via LovellV@loosemores.co.uk or call 029 2022 4433.