As the owner ofa photography business, if I bring in someone to financially back the company could they take over?
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As the owner ofa photography business, if I bring in someone to financially back the company could they take over?
I have owned my business for a year (I am founder and operator). I am a visual art photographer. I am currently in the process of opening a studio rather than working out of my home. A woman has offered to aid financially in regard to equipment and has shown interest in assisting me through this process. She has offered to provide the space for the studio. Could she legally withhold my equipment should it be located on her property if a business partnership does not work out between her and I?
Asked on February 5, 2011 under Business Law, Tennessee
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Well of course she is at an advantage being that it is her property and she could quite possibly choose to act in a manner as to hinder your access to your equipment. But that does not mean that you would have no legal recourse. But I would really suggest that you seek to have an agreement drawn up by an attorney that would be looking out for your best interest here. It sounds like she wants to be a silent partner - and that you would want her termed that way. You would not want her "opinion" to rule your ability to do what you do best just because she financed the endeavor and expansion. That needs to be clear and in writing. Good luck to you.
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