Dissolving your business partnership

In the beginning phases of any business, there are many things to consider that take up much of your time. Marketing, production, finances, personnel… these are all-consuming in the start-up phases of business.

Entrepreneurs are usually aware of the toll starting a business has on personal relationships. But they sometimes are unaware that the relationship with your business partner can suffer also.

If your business relationship has deteriorated to the point that continuing to work together is detrimental to the company, it’s time to dissolve the partnership. Preparing for this contingency is essential to ensure that the business suffers as little as possible.  The important thing to consider is whether you or your partner will forge ahead with the business.

For the sake of the company, and the partner who remains, a separation agreement is necessary. This is not unlike a divorce, and attorneys almost always have a role in these proceedings. This is no different. You should seek legal counsel to protect yourself, your partner and your business. Attorneys provide an objective point of view in what could be an emotional and trying situation.

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