Business disputes in the state of South Carolina can take many forms. You may be arguing over financial matters or the general direction the company is taking. Whatever the reason may be, getting locked in a dispute can be a frustrating experience. There are several methods you can make use of to end the standoff.
Mediation can peacefully solve a dispute
Mediation is one of the most commonly adopted methods used in ending business disputes. Both parties sit down with a person they have named as the mediator. This person will hear both sides of the argument in order to arrive at a solution. The decision reached by the mediator is not binding.
You can sell the company
You may not be able to resolve your dispute in any other way besides giving up completely. If the impasse is unbridgeable, you can decide to sell the company. You will need to work out a deal that will satisfy the needs of both parties.
Arbitration can help to end your dispute
If you aren’t sure whether mediation is right for you, you can choose another option. This will be the process of arbitration. An arbitration hearing works much the same way as a mediation. However, the main difference is that the person you select as your arbitrator has more power. The decision that they adopt must be adhered to.
Bankruptcy is a drastic way to end things
If you can’t seem to resolve your dispute through any other means, you may have to consider filing for bankruptcy if the reason for your dispute is financial. You can choose to restructure the company in order to operate in a new manner or simply end it via the bankruptcy process.