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Dunn Lambert, LLC | Attorneys At Law

Comprehensive Legal Services For Businesses

In New Jersey And New York call
201-957-0874

Dunn Lambert, LLC | Attorneys At Law

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Business Law Professionals

What red flags should you watch for in your partnership?

On Behalf of | Dec 7, 2022 | Commercial Litigation |

Partnerships almost always start out with a somewhat rosy tint. Everyone loves a new project, and each party brings unique benefits to the table that can help the group as a whole.

Over time, however, you may pick up on more and more red flags. It may even get to the point where you find it more beneficial to dissolve a business relationship rather than keep it going.

Unable to agree on anything

All Business discusses potential red flags to look out for in a business relationship. The first is a lack of ability to see eye-to-eye.

Needless to say, with multiple people working on a project it is inevitable that there will be arguments, disagreements and a divergence of opinion at some point. This becomes a major issue if you seemingly can never see eye-to-eye with your partner(s), or if you cannot agree on extremely vital matters.

Dishonesty from your partner

It is particularly problematic if your partner(s) begin to view things without even considering compromising or coming to a mutually beneficial agreement. If they always need to have things done their way, they are not a good partner to work with.

Mutual trust is another big thing. If you cannot trust your partner, you cannot trust that they will uphold the business or your best interests. If they have withheld information or even outright lied to you, it may be a sign to move on.

Misalignment of priorities

Finally, your priorities need to align. Over time, it is normal for a person’s priorities to begin shifting. However, this could cause a major problem if it happens between business partners who need to reach a mutual goal.

In these cases, it may be better to dissolve the partnership and decide on something else.