Legal Question in Business Law in Florida

Business law
If a couple starts a business as a married couple 27 years prior, with the business in the wife's name. Sharing the profits equally over the years, the wife doing the clerical work and the husband doing all of the field work. They divorced 15 years ago with the agreement to stay in business together. Only one person's name ,the ex-wife's, still on the business. The ex-husband worked the business, negotiated contracts for the business, gave estimates, paid employees, had complete check-signing authority on the business, paid half the taxes on the business and worked a minimum of 60 hours a week to grow the business. Does the person whose name is not declared in the corporate papers as an owner of the corporatation have a claim to the profits made at the time of the sale of the business?

Asked on 9/13/08, 4:22 pm

David Slater David P. Slater, Esq.

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Re: Business law

Equitable considerations may be in order.

Answered on 9/14/08, 4:19 pm

William Gwaltney William W. Gwaltney, Attorneys at Law

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Re: Business law

Depends on whether there are any agreements or Orders directing this. Generally speaking, the answer would be no.

Answered on 9/13/08, 7:33 pm

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