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How should I handle disputes with my partner?

On Behalf of | Feb 16, 2021 | B2B Commercial Law, B2B Commercial Litigation |

The relationship between you and your business partner is one where you need to maintain civility. It is essential you work together, have open communication and extend each other common courtesies. 

If you have a dispute, you need to learn how to work through it in a constructive manner or your business could suffer. Business News Daily explains that you need a plan in place for handling disputes that allows you to work through anything that may come up. 

Operational disagreements

A common issue that arises between partners is that one of them feels they are doing more work than the other or that the other partner is not pulling his or her weight. Whether you feel this way or your partner does, you can resolve this rather easily 

You should first look at your partnership agreement. It should outline your duties. You can then assess the job duties you each have and make sure they match the agreement. If there are issues, you can reassign duties to match the agreement or you could make changes, such as increasing the salary of whoever is doing more work. 

Monetary disagreements

Money is something that can bring about arguments in any type of relationship. In a business situation, it might be that one of you feels the other is not using company money properly or overspending. There may also be issues surrounding the allotment of money for certain tasks. 

The best way to handle this is to institute a budget and a checks and balance system. You should work together to create a budget that you agree on. Then, when making any purchases or spending any money, require both partners to sign off before anyone spends a cent. 

Most of the time, open communication about an issue will bring about the best solution.