You and a friend, family member, or even a spouse, decided to go into business together. At first, things were great because of the possibilities and the excitement that new challenges bring. You may have formed a corporation, a limited liability company, a partnership or even operated as a sole proprietorship. If there are only two of you, you might have owned the company equally, which required both of you to agree on any important company issues.

As with all things, the nature of business and relationships change over time. They may change for the better. However, the changes may result in people growing apart or in different directions with different goals. One business partner may even be committing bad acts such as taking money or business opportunities from the company. When this occurs, whether it is between friends, family members, spouses or a former employee, it can easily damage or destroy the company you have worked to create and build. You might even need to continue to work, side by side, with this person. Couple the potential financial loss of your company with the emotional toll and stress such a situation can cause and you are likely overwhelmed.

When these difficult and sometimes untenable circumstances arise, it is important to know that there are options. In a perfect world, many of these issues could be resolved through agreements that were put in place by the owners of a company either at the time of the company’s formation or at any time before a dispute arises. Various types of agreements can create a roadmap to determine how to proceed to resolve the most common disputes - operational issues, changes in ownership, compensation, or even the ownership structure of the company.