Disputes between business partners can be every bit as fractious and ugly as those between life partners. When you are married to someone, you can divorce them, but what about if you are merely business partners?
Your options will depend on what you wrote in your partnership agreement. If you inserted a clause saying that you can end the relationship with them when you choose, then you can do that, provided you respect the conditions you set out for doing so.
If, for instance, your partners started the business, the clause might say you can walk away whenever you want, but they would keep the business. Would you be prepared to do that? What about if you have the right to keep the company but would have to buy them out at a certain value? Would it be worth it just to get rid of them? Or would the cost be prohibitive?
Did your contract set out ways to resolve disputes?
People have disputes all the time. Sometimes it is best to work through them and carry on. Even if you no longer like each other much, you might still be able to make the business work and profit from each other’s knowledge and experience. Some partnership contracts state that unsolvable disputes must go to mediation, others to arbitration. These could restrict your ability to litigate.
Understand your likelihood of winning a lawsuit
If you believe litigation is the best way to proceed, be sure to get legal guidance before making a decision. You want to be sure you have a good chance of winning before going ahead.