Can choosing the right partner now avoid a business divorce?

You’re excited over your new idea and ready to start your company. All you need is a business partner.

Just make sure that you pick the right one, which can definitely be easier said than done. But could choosing the right partner at the inception of your business avert a business divorce later?

It’s not always that simple

While you should ensure to the best of your ability that you select the right individual as your business partner, circumstances beyond either of your control could cause a business divorce later.

Market trends, the geopolitical situation and future tariffs, unknown health or family concerns could all adversely affect either partner’s ability to pull their weight and competently run their business.

Not all business divorces are litigious

Sometimes, a company or the partnership behind it simply runs its course. When it is a mutual decision to shutter a business, all that remains are the nuts and bolts of how to dispose of company assets and settle any outstanding debts.

Choosing a good partner matters in a business divorce

Still, you want to choose the best business partner possible, given that you may one day face a less-than-amicable business rift. Then, you would certainly want your business partner to be a moral person with high standards who would honor the terms of your agreements, both written and verbal.

Regardless, going through a business divorce is a bit like going through a marital divorce, as both partners strategize to emerge on the other side with what they need to start over again. Learning more about the laws governing how to dissolve business partnerships is generally helpful.