My sister and I own a cooperate business together. She now has dementia. Can they go after our business if she needs long term care?

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My sister and I own a cooperate business together. She now has dementia. Can they go after our business if she needs long term care?

We are in Minnesota.

Asked on April 18, 2017 under Business Law, Minnesota

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

They can't  go after the business per se, since a corporation is a separate legal person. They can go after your sister's interest in it or any monies she receives from it, like salary or distributions of profit (or put a lien on her interest, so that if you sell the business, they get a share of the proceeds).


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