How To Resolve Business Partner Disputes In Indiana Without Going To Court

In this article, you will discover:

• The most common causes of business disputes
• How Indiana law addresses partnership disputes
• What legal documents will help avoid legal disputes

What Are The Most Common Causes Of Business Partner Disputes?

The “large umbrella” cause of business partner disputes is miscommunication or misunderstandings. That’s going to happen far more often than one party wanting to steal from the other outright.

Most people are fundamentally good. Breakdowns in communication are often based on misunderstandings – partners not understanding what they need to do to make the relationship work.

How Does Indiana Law Address Partnership Disputes?

Indiana law provides a baseline for how partnerships are governed. The good news is that under Indiana law, partners who enter into partnership agreements can alter, modify, suspend or add any duties and obligations they agreed upon.

Indiana law looks first to see if there’s a partnership agreement. If not, there are rights and obligations that the law will supply as a baseline. If there’s a partnership agreement in place, resolving the dispute will depend on what the partnership agreement looks like.

That’s why it’s so important to work with an attorney at the beginning of your partnership relationship to ensure there’s an agreement in writing to avoid miscommunications and misunderstandings down the line.

What Is Mediation, And How Does It Work In Indiana For Business Partner Disputes?

Mediation is simply guided conflict resolution. You and the other party will work with a neutral third party called a mediator. The mediator’s job is to get both sides talking, help identify common ground and see where both of you might be able to reach an agreement that will resolve your dispute.

Mediation is entirely voluntary. No party is ever required to accept an offer of mediation. The advantages of mediation are:

• It’s completely confidential
• It provides a more collaborative alternative to resolving disputes at the outset of or before litigation is necessary
• It reduces costs for all parties
• What could be a dispute litigated over several years can be potentially resolved in a day or days

Attorney Jared M. Schneider is an experienced lawyer based in Bloomington, IN, who has helped countless clients just like you navigate the intricacies of business law. With more than a decade of experience, he is prepared to assist you with your business dispute so you can reach a just and fair settlement.

Still have questions? Ready to get started? Contact Schneider Law, P.C. today to schedule an initial consultation.

Get Your Questions Answered - Call Us For Your Free, 20 Min Phone Consultation (812) 561-7772

When Is Legal Intervention Necessary In Business Partner Disputes?

Partners owe each other a fiduciary duty. That duty is an obligation to treat the other partners with utmost care and to always put their interests before the fiduciary’s own.

I would recommend contacting an attorney anytime you suspect misconduct or mismanagement by your partner. When there’s any type of a loss, something unexplained, or anytime you get a gut feeling that everything is not up to snuff, that’s a good time to contact a lawyer.

What Legal Documents Can Help Avoid Future Disputes?

In any type of business relationship, there needs to be a contract. The contract outlines all parties’ duties, obligations, requirements, understandings and representations. Everything germane to the relationship must be set forth in writing and signed by the parties from the outset.

Many people think they don’t need a contract because they’re friends with their business partner, or they believe a contract would create unnecessary conflict. However, it’s not uncommon that there’s a dispute or misunderstanding down the line, and the parties wish they had established what their obligations were. In order to resolve these types of miscommunications, it’s essential to have a written agreement.

Still Have Questions? Ready To Get Started?

For more information on Resolving Business Partner Disputes In Indiana, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (812) 561-7772 today.