In Minnesota, business partnerships are often formed in order to pool resources and share the risk of starting or running a business. However, partnership disputes can be some of the most contentious and difficult legal matters to resolve. If you are facing a partnership dispute, it is important to consider these conflict resolution methods to help resolve the issue.
Arbitration
This is a process where both parties agree to submit their dispute to an arbitrator, who will then render a decision that is binding on both parties. Arbitration can be an effective way to resolve a partnership dispute because it allows the parties to have some control over the outcome of the case, and it can be less expensive and time-consuming than going to court.
Mediation
This is a process where the parties meet with a mediator, who can help them try to reach an agreement. Mediation is different from arbitration because the mediator does not make a decision; instead, he or she helps the parties communicate and try to reach an agreement on their own.
Litigation
This is the process of going to court and having a judge or jury hear the case and decide on a resolution. Litigation can be expensive and time-consuming, but it may be necessary if the parties cannot reach an agreement through mediation or arbitration. The main advantage of this method is that it gives the parties the opportunity to have their day in court and present their case to a neutral third party.
Collaborative law
This is a process where the parties work with their business law attorneys to try to reach an agreement without going to court. For instance, you and your business partner might agree to participate in a series of meetings with your attorneys to try to resolve the dispute. This method can be less expensive and time-consuming than litigation, and it also allows the parties to have more control over the outcome of the case.
No matter which method you choose, it is important to remember that partnership disputes can be complex and emotional. You should take the time to understand the process and choose the method that is right for you.