Many Florida business owners may expect to experience conflict with their business partners from time to time. What should people do, though, when their business partners do something to damage the partnership? People have many options in this situation.
People may want to look over their partnership agreement before taking action. Chron.com says this document may list methods both partners agree to use in case of a business conflict. People should make sure they use one of these methods to resolve the problem.
People may want to solve conflict through mediation. This solution allows both partners to speak to a neutral person who can help them navigate the problem. This may be especially helpful if the partnership is irreparably damaged. A mediator can help business partners communicate about their business interests in a peaceful manner and identify the best solution for the business.
Prove breach of contract
If people find that mediation does not help resolve the situation, they may consider taking more serious action. According to Chron.com, some people may demonstrate that their partner breached the partnership agreement. People might do this by showing that their partner misused company assets or took other steps that violated the agreement. Sometimes business owners may be able to receive damages if their business partner harmed the company. Again, it is a good idea for people to review their partnership agreement so they know what constitutes a breach of contract.
Business owners should remember that conflict can impact the company in several ways. A partner may harm the company through the misuse of funds. However, the business owner may sometimes cause more harm if he or she chooses a solution that is not financially viable. Business owners may want to consider all their options carefully.