Most businesses in Illinois will deal with some type of dispute, and many will face these issues on more than one occasion. A business dispute between partners, shareholders or others with an interest in the organization can decrease productivity and negatively impact the business’ performance. That’s why it’s important for business owners to have a strategy in place to resolve disputes in a timely manner.
How to resolve disputes
Some business owners try mediation before heading to court. If the dispute can be resolved through mediation, a business owner can save both time and money. Mediation uses a third party to meet with those involved in the dispute to determine if an agreement can be reached without court intervention. When mediation doesn’t work, the courts can step in to resolve the problem.
Business owners must be aware of their rights when attempting to resolve a dispute. As an owner, one must make the right decision based on the best interests of the business. In many cases, compromises are required to resolve the dispute. It’s important to get all sides of the story by listening to everyone involved in the dispute and to keep documentation of all related information in case one must present evidence in court.
Legal help is advisable
When emotions are running high and one is dealing with shareholders or partners in a dispute, it can be hard to make choices based on reason, rather than emotions. Illinois business owners are understandably stressed when trying to resolve a dispute within their company and may struggle with negotiating on their own. By seeking legal advice and working with an attorney who has knowledge of the state’s business laws, one can protect oneself and one’s business during the dispute resolution process.
