What to do if I began a business with my sister and now we are at odds?
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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 10 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.
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