What to do if I began a business with my sister and now we are at odds?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do if I began a business with my sister and now we are at odds?
When we started the llc my sister’s husband co-signed on the loan and also put up other money. I was unable to contribute financially. Now that we are at the opening phase they are asking me to sign an agreement giving me only 40% of the profits. Do I have any leg to stand on since I did not put in financially? My contributions were foot work and time, which was discussed in the beginning.
Asked on October 2, 2013 under Business Law, Louisiana
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If you have not contributed to at least an equal contribution to the business written about for assorted reasons then it makes sense that you nail down the amount of your net profits from the business in an amount that is fair. If forty percent is the number, so be it.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.