Q: Dissolving a short-term rental business partnership without agreements in Florida
I started a short-term rental business with my boyfriend in a house he owns after he moved into my home. I set up and ran the business for over three years under an LLC we formed, though there were no written agreements. I contributed personal property and managed everything, including bills from the business account. Profits were used for improvements, with occasional owner draws. We're now dissolving the partnership, but he plans to continue the business. What am I entitled to regarding the contributions I've made and the work I've done, given the absence of a formal agreement?
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A:
Since there are no written agreements, the situation can be more complicated, but you still have rights based on the contributions you’ve made. In Florida, even without a formal agreement, the law may recognize your contributions in both property and labor. Since you’ve managed the business, paid bills, and invested personal property, you could be entitled to compensation for your work and contributions.
Your entitlement will depend on the value of your contributions, including personal property and your efforts in running the business. Even without a formal agreement, Florida law may treat your actions as creating an implied partnership. This means you may be entitled to a fair share of the business's value, especially if your work increased its profitability.
It’s a good idea to have a discussion with your boyfriend to reach a mutual agreement on what you are entitled to. If you can’t come to an agreement, consulting with a lawyer would help you understand your legal options, including potential claims for the value of your contributions to the business.
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