Legal Question in Business Law in Texas
buiesness partner is getting divorced
I am 55 percent owner of a LLC.It was my money and credit that started this company.My partner has 45 % and brought to the table sweat eguity.his wife has filed for a divorce and supened me to show up at court. Are balance sheet shows we r in the red.What is she entitled to.
2 Answers from Attorneys
Re: buiesness partner is getting divorced
Generally speaking she could be entitled to at least 1/2 of your partner's 45% share. This might offer an opportunity to buy her out.
Re: buiesness partner is getting divorced
Based on what you have stated and not having reviewed your operating agreement, his soon to be ex-wife may potentially be entitled to 22.5% (1/2 of his 45%). Additionally, the LLC may not be her objective, but she may be trying to verify your partners income for dividing up the community property. If my law firm can assist you with this legal matter or any other legal issue, please contact my legal assistant Jennifer ([email protected]).
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