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How can you get out of a small business partnership?

On Behalf of | May 25, 2022 | Business Law

When you started working with a friend on a new business, you were excited to see where it would go. You put in seemingly endless hours of labor getting it up and running, and your friend was meant to handle marketing and accounting on the business side.

After spending many days with very few customers, you reviewed the marketing campaign and found it had never been launched. Then, you went through the accounts and found they weren’t organized at all. In your opinion, your friend isn’t pulling their weight, but they keep telling you to be patient and that things will “get there.”

In this kind of situation, you may want to end your partnership to get out of a bad arrangement, but can you?

Methods of dissolving a business partnership

There are a few methods you may use to resolve a business partnership dispute, but if those don’t work, it’s time to dissolve the relationship. Remember to keep calm when you bring up the issue with your partner. Explain that you’re not comfortable with how things are going right now and see if there are changes that can be made to help.

Remember that you do need to look at your contract. Assuming that you had your attorney draw up a legal contract, you may have specific steps to take to dissolve the partnership. You may have to buy out your partner’s share, for example, or you may need to train someone to take over your role before leaving.

It is usually worth getting professional help to go through the intricacies of ending your business partnership.  Doing this can help you make sure that you end your legal connection with the business or, if you’ll stay in charge, end your partner’s relationship with the business.

You deserve help to resolve disputes and to end partnerships

You do deserve to have the right help as you work through legal issues with your business partnership. Good help can be the difference between ending the relationship professionally and dealing with frustrating issues as you try to handle the end of your business arrangement.