Dissolving Your Business Partnership

/in /by
 Deciding to go into business with someone has just as many implications as marrying someone but in a different way. Breaking up a partnership can be very emotional and trying. There are some ways to try to ease the break. In this article from the Huffington Post, check out fifteen tips to alleviate some of the stress from breaking up with your business partner.
What’s one tip for ending a business partnership gracefully (or at least, without lawsuits)?

The following answers are provided by theYoung Entrepreneur Council (YEC), an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. The YEC recently published #FixYoungAmerica: How to Rebuild Our Economy and Put Young Americans Back to Work (for Good), a book of 30+ proven solutions to help end youth unemployment.
 

A. Go Back to the Contract

If you had the foresight to create one, consult the partnership agreement or other business documents that detail the structure of the business and how disagreements or severance is handled. While these contracts typically do not cover ever conceivable scenario they can serve as an impartial reference for negotiations.
– Kelly Azevedo, She’s Got Systems

A. Be Kind and Generous?

Recognize that if a business partnership does not end amicably, it can cause tens of thousands of dollars in legal bills and years of your time and energy to resolve through litigation. Therefore, when in doubt, error on the side of being generous and kind rather than risk litigation by being greedy or spiteful when ending a business relationship.
– Doug Bend, Bend Law Group, PC

Read more at: http://huff.to/1KKTUsP