Patterson, LA asked in Arbitration / Mediation Law, Business Formation, Business Law and Contracts for Texas

Q: Hello, Is my sister entitled to all money from a failed joint business venture?

My sister started a business w/her sister but couple months later got upset because it became overwhelming for her, requested to be released from the business, &wants all her money bk.

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 three weeks. It could depend on the terms of the business venture (agreements between the parties) and their conduct. This is a fact-intensive matter. There is no universal cookie-cutter answer. An attorney would need to see how the business venture was formed, review the rights and obligations between the parties, and examine how each party acted. That might be why your question isn't easy to offer a quick answer to. My guess is that if you reach out to Texas attorneys, they are probably going to tell you that a consult is necessary to review things. Good luck

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.