Partners sometimes engage in transactions or decisions where personal interests take precedence over the business’s goals. For example, a partner might steer business opportunities toward their personal networks or use company resources for personal gain without disclosing these actions to the other partner(s). Conflicts of interest can create serious issues in business settings, leading to ethical dilemmas and potential harm to partnerships. Understanding what these conflicts are, how they can affect companies, and how to avoid them is essential for maintaining healthy business relationships. This article explores various types of conflicts of interest, their impacts, and best practices for prevention and management.
