When you’re trying to decide whether it’s time to dissolve a business partnership or not, the first step is to come up with the reasons why you feel you should. Are there any obvious incentives to dissolving the partnership now and striking out on your own or finding new partners to work with? One of the most common reasons for dissolving a business is because of business disputes. Here are some factors as to why it might be time to dissolve a business partnership and move on, but don’t forget to talk to a partnership dispute attorney in Seattle or Portland for more personalized and timely advice.
Is It a Serious Dispute?
There are all kinds of business disputes that could sour a partnership. You might disagree on everything from how to grow revenues to which location is right. Any dispute could potentially become too contentious to resolve, but it’s helpful to put things in perspective. If you’ve been in business together for a long time, you’ve come to understand each other’s point of view and likely value each other’s input. Your Seattle business lawyer can tell you if you have a strong chance of coming out ahead in a partnership dissolution, but it’s generally better to use dissolving the business as a last resort.
Assuming you’re leaning toward the idea of business dissolution and break up with your partner, or you simply don’t see a good alternative, it’s imperative that you consider the consequences of this potential dissolution. In addition to severing business ties with your business partner, you might also disrupt things for your customers or clients. You might have to start building a business again from scratch, particularly if the courts favor your partner over you. Ultimately, there are many possible consequences that you need to keep an eye out for.
If you have some compelling reasons to dissolve your business partnership and simultaneously aren’t put off by the various consequences that you might have to face for doing so, it’s probably worth considering. However, you need an income regardless of your age, so you have to have a pretty good idea about what’s next after the business partnership is dissolved.
Many entrepreneurs started out in business partnerships until they felt they were ready to strike out on their own. If that’s what you want to do, it might be worth trying to retain the clients and brand and other paraphernalia associated with your old partnership, but on your own. Finding a business dissolution lawyer in Seattle is a great way to run some ideas by an expert to see if it’s the right time to dissolve the partnership and move on to the next phase in your life.