Business partnerships in New York sometimes have a high level of risk involved and the partnership can eventually end due to conflicts that occur between both parties. The unspoken expectations that are present can lead to disappointment and discord. Some of the top reasons partnerships eventually fail are due to a lack of communication, a lack of shared vision, a lack of transparency, and a lack of defined roles. One of the partners may start to micromanage the other party, a party may fail to uphold his/her promises, or the business may eventually outgrow the founders, especially if one of the partners isn’t mature enough to lead a larger business organization.
How to avoid a breakdown in your partnership
If you want to avoid a breakdown in your business partnership, it’s crucial to develop a shared vision for the company in advance. Discuss each of your values and what each partner can bring to the relationship. Create a process with how you’ll make decisions together to reduce the risk of miscommunication or conflict.
You also need to talk about how one of the partners can choose to leave, or how a new partner may be added. Having a plan in place will reduce stress for the other partner that chooses to stay and can prevent tension or rumors from circulating in the business.
Who can you contact for legal assistance?
Contact an attorney with experience in business law to obtain the services of a legal professional who can assist you in navigating business partnerships and any issues that occur. An attorney can inform you of your rights and offer assistance with a breach of contract, business control issues, government contracts, construction and development, commercial real estate, and insurance and banking regulations.