When you own a business, be it big or small, you always try to put your best foot forward. Unfortunately, problems do occur from time to time. When a problem arises, you do your best to resolve it with the least amount of damage. There are times, however, when it is hard to settle the issue without outside help.
Business owners will inevitably be faced with difficult issues from time to time. That comes with the territory. Learning to recognize the types of disputes that can cause problems is key to resolving the matter in a way that works best for your company.
The most common types of business disputes
Here are the most common types of business disputes that occur:
- Partnership disagreements can lead to disputes. That’s why your partnership agreement must be very detailed and transparent. Financial matters and leadership should be addressed so that there is no room for one partner to feel left out by the other partner. Partnership disagreements are the most common type of dispute in small businesses.
- Breach of contract is another issue for business owners that can lead to disputes. If your employee feels that their contract is not being honored they may file a breach of contract complaint. Clients may also file a breach of contract complaint if they feel the original terms that were agreed upon are not being met.
- Shareholder disputes can be the end of your company if you cannot work things out. Complaints usually revolve around issues such as misuse of funds, conflict of interest, disagreeing with hiring and firing practices and not securing enough capital to keep the company afloat.
Running a business can be very complicated. If you experience disputes within the business that can’t be settled on your own, it might be best to talk with someone who is experienced in handling the legal aspects of conflict resolution.