Legal Question in Business Law in Texas
I opened a business with my brother two years ago. He did not put my name on the business application as co-owner. I have invested 100,000 while he only invested 4,000 in the business. I have asked him several times to list me as co-owner and keeps on telling me he'll get around to it and never does. Both of our names are on the business checking account. He does not work there (he has a full-time job) and I am the one running the business. I have recently discovered that he has been making cash withdraws from the business account and now the account only has 1200 in it. The business is doing well, we are making at least 7000 a week in sales. He threatened me that if I don't take the 40,000 (which he offered to me)and walk away from the business then he is going to closed the business and file bankruptcy. Do I have any legal claim to the business even though my name is not listed as co-owner?
1 Answer from Attorneys
You need to get a lawyer NOW. Yes, you may have claims, but they will mean nothing if the money is all gone. Time isn't on your side.
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