Sometimes things happen between business partnerships and therefore a company like the ORM Agency would need to intervene in a situation like this. This is something that can be necessary in the world of business and it can be a long and complicated process that both partners need to deal with. The process is similar to a divorce but it is actually much worse than a divorce and more difficult. If you absolutely need to part ways with one another than there are different ways you can go about it.
First you can find alternatives to a partnership dissolution but sometimes people dissolve their partnerships with no hard feelings and it is simply for personal reasons. Usually, reasons for two partners to go separate ways include a personality conflict, a poor business strategy, or a lack of written partnership agreement. The best way to avoid this is having a business plan that outlines each partners roles and responsibility in the company. Another common cause of business dissolutions is failure of partners to pay their bills, carry out their tasks or meet other requirements.
Find alternatives to a partnership dissolution
First, you should always consider there being a way where you can work things out with your business partnership or a simpler way is to buy out your partner. You can buy his or her share if your partner isn’t willing or able to continue in your business. You can also sell your share to your partnership if you want out of the business. If you wish to divide the business up, you can do that which is similar to a divorce.
There are more amounts of legal matter to deal with when it comes to the dissolution of a partnership compared to a divorce. Getting a lawyer to help you out in these times is the best way to go and you need to also file a dissolution statement with your state and notify your creditors, contractors, clients and other parties that are involved in the process.