Business Partnership Dissolution Involving More Than Two People

A successful business will usually be run by partners who have a complete grip over the entire outgoings and incomings of the business

. This involves a great deal of coordination between partners whom handle different areas.

Failure to communicate efficiently about all aspects of the business will inevitably lead to business partnership disputes.

When starting a business, it is vital to understand how many areas should be concentrated on within the company and how many partners are needed to oversee each part. Marketing, accounts and other essential roles need to be discussed. Can one person carry out more than one role? If not, extra staff will need to be brought in to cope with these jobs, and this must be taken into consideration. Are all partners really qualified to take on their assigned roles? If the business is to succeed and prosper, all those involved must be competent to carry out their duties. These may seem to be small matters when you are starting a business with a great sense of optimism, but failing to address the responsibilities of partners at the start of your company will inevitably lead to business partnership disputes.

There is little point in having a partnership where roles overlap. This will only mean that two or more people are trying to do a job which one person should be able to carry out alone. So clear understanding of roles should be outlined at the start of the business, or partnership disputes are sure to occur. Ideally, one partner should deal with financial matters, accountancy and bookkeeping, while the other will have the responsibility for more creative aspects of the company. Of course, day-to-day discussions are important for the business, but it must be clear at the beginning which partner has overall responsibility for each aspect of the business, to avoid the prospect of any business partnership disputes. For further clarification, outline the various responsibilities to be held by each partner in a professionally drafted partnership agreement prepared by a specialist commercial solicitor.

Try as you might, businesses are subject to outside influences, and what seemed like a good idea in the beginning may need to be adapted. If one or other of the partners are unable to look at things in a more flexible way, it is certain that partnership disputes will arise. All partners should realise the benefits of discussion and mediation, and keeping in touch with experienced professionals, such as your solicitor, accountant and business banking staff, to prevent any potential business partnership disputes in the future.

by: Tim Bishop

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