Signs You Need To End Your Business Partnership

November 18, 2013  |  

 

 

From Black Enterprise 

Partnerships fail for many reasons. Misalignment of personality is possibly the first reason that springs to mind, but according to the Michigan law firm Family & Aging Law Center, the two most common reasons that business partnerships fail is 1) failure to make an adequate plan, and 2) more importantly, from a legal perspective, failure to have a written partnership agreement that outlines in detail the partnership structure.

When it’s time to end a partnership, navigating the process can be difficult. The Small Business Association recently published the article: “Is It Time to End Your Business Partnership? Here’s How.”

Without a partnership agreement, dissolving a partnership can get nasty and carry a lot of risk. For example, if a partner isn’t paying bills on time or making regular contributions to pay off a business loan. Lapses and disagreements like these can quickly spiral out of control and impact your creditworthiness, relationships with vendors and so on.

Read more at BlackEnterprise.com 

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