Disputes happen. Unfortunately, they can occur internally as quickly as they can arise externally. Identifying where your conflicts come home is your first step toward preventing them from devolving into litigation. If limiting the money that you spend on items that don’t produce income is key to being financially successful (which it is), consider litigation a significant threat.
Each of these disputes can be mitigated by either your own actions or by an attorney who has a command of business law.
Partnerships Aren’t Friendships
Statistically, business partnerships dissolve at a higher rate than first marriages. Partnerships may form out of a shared idea of what success looks like. But when you start incorporating the variety of variables you face daily, differences of opinions develop in how to respond.
These may come in the form of shareholder or member disputes. The following are typical examples:
- Business Valuation
- Rights of Minority Owners
- Rights of Shareholders for Appraisals
- Shareholder Agreements
- Shareholder Disputes / Business Strategy Disagreements
Contracts & Other Businesses
Unlike partnerships, other businesses are driven by their own interests—and you will likely have to deal with them. If you sell a product, it may be developed, in part, by outside vendors. Many business owners have the correct foresight to have an attorney draft agreements to govern their relationships with third-party vendors.
If you don’t have a contract, you can have disputes with no clear solution. Or, if you used a DIY contract, there could be other disputes based on their inherent ambiguity. If you have a firm and reliable contract, that doesn’t guarantee they will honor it. However, you can provide your attorney with tools and information to build a stronger case on your behalf.
Employment Disputes
Despite working for you, there are many reasons why your employees could be the source of a dispute. Here are some common sources:
- Wages
- Discrimination
- Wrongful termination
Like the previously mentioned examples, there are ways to mitigate each one. For instance, something as simple as an employee handbook can outline your stance on discrimination. It can outline the appropriate steps one of your employees can take if they feel subjected to it.
Quantum Lex
At Quantum Lex, we are accustomed to helping business owners limit their likelihood of facing litigation. Although some situations may escalate to someone filing a lawsuit against you, we are still here to defend you. Contact us to schedule your consultation.
Quantum Lex
Latest posts by Quantum Lex (see all)
- Artificial Intelligence In The Legal Community: A Look At Both Sides - October 16, 2023
