Legal Question in Business Law in Texas
My step-daughter is on a 10U Select Softball team in Texas. The season is about to end and the team is breaking up. We have $3,900.00 left over in the team account. Can that money be keep by the owner and used for next year's team or does it have to be spent or divided up among the team/parents?
1 Answer from Attorneys
As a Franchise Attorney I can say the answer depends on a number of factors: (1) what do applicable governing documents say about this issue? (2) if there are none, what would be reasonable given all surrounding facts and circumstances? Without knowing the details about (1) or (2) it's not really possible to begin an answer. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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