Chicago, IL asked in Arbitration / Mediation Law, Business Formation, Business Law and Contracts for Texas

Q: What legal weight do I have should a business ownership dispute require legal mediation?

My partner and I share 50/50 of a business we just started. We are mere weeks away from our first sale and now his wife wants 4% ownership of the company, which they both expect me to give up 2% to her because she came up with the idea. In the beginning she said she didn't want to be an owner, so we structured it 50/50. I've put in roughly 90% of the company expenses (investment) so far.

My second concern is we haven't drafted the sales contract for our first sale yet. We are in the process of working on the details when she dropped this bomb. Could they go behind my back and create another LLC and steal the sale?

1 Lawyer Answer
Tim Akpinar
Tim Akpinar
  • Arbitration & Mediation Lawyer
  • Little Neck, NY

A: A Texas attorney could advise best, but your question remains open for two weeks. But this may be a difficult question for any attorney to answer in the brief format of this Q & A forum. If you reached out to attorneys, it's likely that instead of a quick yes or no answer, law firms would suggest a consult to review the matter in greater detail. Good luck

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