Starting a business partnership likely had its benefits for you. You may have been able to start your company earlier because your partner brought in needed funds, or your business faced greater success because you both brought important skills and ideas to the table. While this seemed like the ideal situation for a time, you now wonder whether your partnership has reached a point where it is no longer beneficial.
After all you and your business partner have been through, you certainly do not want to make a hasty decision. However, some major red flags may have presented themselves that make you believe that it would be in the best interests of your company to dissolve the partnership.
Do you recognize any of these signs?
Having a dedication to the business and not becoming complacent are important factors in running a successful company. Any of the following signs could point to your partner no longer believing the company is a top priority:
- You have evidence that your business partner has lied to you or withheld important information, possibly on multiple occasions. This type of scenario could break the trust needed to have a fulfilling business partnership.
- Your business partner no longer seems invested in managing the company and ensuring that operations run smoothly. He or she may even shirk duties or delegate them to someone who is not qualified to handle them.
- You and your partner may have reached a point where you no longer have common goals and values for the company. Differences in opinion could easily lead to conflict or disconnect in business operations.
- Your business partner may have taken reckless or irresponsible actions with company assets or when making important business decisions. While some risk is necessary in the business world, unnecessary risk could put your company or its reputation in jeopardy.
- Your partner does not want to compromise when it comes to business decisions. A my-way-or-the-highway attitude can quickly make a business partnership almost impossible to sustain.
If any of these scenarios apply to your partnership, you probably have a valid reason to consider ending the business relationship. Even if you have not yet fully decided to take that course of action, you may want to start looking into your legal options and learn how to properly go about dissolving a business partnership in New Jersey should you decide to in the future.