Legal Question in Business Law in Michigan

Re: Initail investment in a corporation

It depends on what is written in your bylaws or articles of incorporation. If there is nothing in there about repayment, or how the profits are divided, it is likely 50/50, unless he agrees otherwise. If you had to sue to get back more than 50%, and there is nothing in writing, it is his word against yours. Simply because you invested more, does not necessarily mean you should be paid back more, or get more profits. All of this should have been in writing. If you had a lawyer do this, and they missed something, you could possibly have recourse against the lawyer, if it causes you monetary harm or loss.

If you'd like me to review your paperwork and redraft the agreement with your brother, please feel free to contact me to set up an appointment.

Thanks.