Breaking Up Is Hard To Do

It may be close to Valentine’s Day, but in this case I am talking about business breakups.  I have seen an increase in the number of people coming to me where they have a business with one or more other individuals, and want to either get out of the business or end the business entirely, and the business partner does not agree in one or more areas. Unfortunately, many of these people have not taken the steps up front to have a written contract with their business partner that addresses how disagreements will be handled, including withdrawals, sales, and dissolving the company. 

The best time to come to an arrangement with your business partners is at the beginning.  When you are starting your business and everyone is getting along, it is typically much easier to come to a clear consensus on how you want to handle situations down the road.  If you do not create such an agreement, and you come to an impasse, you can still try to come to an agreement but it can be more difficult after disagreements have already occurred and tempers may be high. In the absence of a written contract, your options are limited to the Oklahoma statutes regarding your particular corporate structure (such as a corporation or a limited liability corporation) which may include going to court to get a resolution, which can include additional time and expense.

If you would like to discuss creating an agreement for your business or have an issue with a business partner, feel free to contact me at 918-770-7810 or jamie@jmillerlawfirmpllc.com.