Resolving common business partner disputes
There are three main common business partner disputes you should know of in Houston, Texas: intellectual disputes, monetary disputes, and operational disputes. Read below for tips on how to resolve these common business-related disputes.
Operational disputes occur when you start a business with someone else, intending to operate the business with them equally. Disagreements may crop up if one of the business partners feels as though they are carrying more responsibility than the other. There are two splendid solutions to this according to business law. One such solution is for one of the business partners to agree to redistribute the tasks in a manner that both feels is fair. An alternative to this is if the business partner who feels like they have more responsibilities can receive a higher salary in return.
Intellectual property disputes
Avoiding intellectual property disputes is best to do from the very beginning. If you and a business partner are creating a company, whoever handles the intellectual property should provide documentation to show that the intellectual property belongs to them as an individual licensing that intellectual property to the company instead of making it automatically company property. This is a critical step to take. Without proper documentation, the company is more likely to win a business law dispute that the intellectual property belongs to it.
Money is a common issue of disagreement between partners and family. However, this is especially applicable to business partners. You may disagree with how your business partner wants to allocate funds, or your business partner may embezzle the company’s money. To avoid monetary disputes, each partner should agree on the company expenses. You should make sure that the rules of the company are clear to both you and your business partner. Doing this keeps both of you aware and accountable for the success of the company.
One of the best ways to avoid misunderstandings is to keep responsibilities equal and operate the business with fairness in mind. If you are currently handling a business dispute, contact a business law attorney to learn more about all of your options.