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Four Tips For Peacefully Ending A Business Partnership In Florida


Even the best of businesses may someday end. If you are preparing to wind down or dissolve a business partnership in Florida, the last thing you want is to get locked up in a serious dispute. A partnership dispute can cost you time and money. With the proper plan of action, you can reduce your risk of running into problems. In this article, our West Palm Beach partnership dispute attorneys offer four tips for peacefully ending a business partnership in Florida.

Four Tips for Winding Down a Partnership Without a Dispute

  1. Know the Importance of Open Communication 

The single most common reason why avoidable partnership disputes occur is because of lack of communication. By keeping the lines of communication open between you, your business partners, and all other interested parties, you can dramatically reduce the chances that you will end up dealing with a nasty partnership dispute. When winding down or dissolving a business, communication is especially important.  

  1. Review the Partnership Agreement 

Do you have a written partnership agreement in place? If not, you should. If you do have a partnership agreement, you should always refer to it when winding down/dissolving your business. In many cases, the partnership agreement will include guidance for each partner’s rights and responsibilities when ending the business. Make sure you are fully aware of exactly what the partnership agreement says. If a dispute does arise, the partnership agreement will control the case. 

  1. Comply With Florida Requirements and Ties Up All Loose Ends 

Florida imposes certain requirements on business partnerships going through dissolution. You need to tie up all loose ends and ensure that you carefully comply with any legal requirements. As a best practice, it is recommended that your partnership files an official Statement of Dissolution with the Florida Division of Corporations. The following form can be used to do so: Statement of Dissolution of Partnership. If you fail to formally dissolve your business and notify all implicated parties, you may face a liability risk. 

  1. Be Proactive in Addressing Areas of Disagreement

Finally, it is essential that business partners are proactive in addressing any areas of disagreement that emerge as they are winding down the business. For example, there may be differing views on what should happen to certain assets controlled by the business. The sooner that you start addressing the disagreements, the better position you and your partners will be in to find a low-conflict, cost effective resolution. You can prevent a business disagreement from turning into a destructive partnership dispute.

Get Help From Our West Palm Beach, FL Partnership Law Attorneys Today

At Pike & Lustig, LLP, our Florida commercial litigation attorneys have deep experience and expertise handling partnership disputes. If you have questions about exiting a business partnership, we are more than happy to help. Call us now for a completely confidential review of your case. From our West Palm Beach legal office and our Miami legal office, we provide business law and business litigation services throughout Southeastern Florida.

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