The honeymoon period is over, and things aren’t looking so good between you and your business partner. Disputes and disagreements don’t have to bring your small business to a standstill. Take these steps to keep your company intact while resolving relationship problems.
*Review your partnership agreement – Are you and your partner fulfilling your outlined responsibilities? Would a revised agreement or a limited partnership better suit the situation?*Consider your options – When divorce is inevitable, your partnership agreement should lay out your possible courses of action. In some situations, the business entity must be dissolved and restarted. In others, one partner may purchase another partner’s interest in the business.*Call the Canada Revenue Agency – Any change in the structure or ownership of a small business should be reported to the CRA. The CRA can help you decide if your restructured business is a new legal entity.