What rights do I have concerning a business that’s in my name?

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What rights do I have concerning a business that’s in my name?

My ex-boyfriend had put his business in my name 3 years ago. We are broke up now. The business is still in my name. Am I entitled to any financial gains as a result of this?

Asked on September 23, 2018 under Business Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Yes: while you do not describe how business is structured or organized or what exactly is meant by it being "in my name," which means that following answer cannot (without more information) be 100% dispositive, if you are an owner of the business, you are entitled to your proportionate share of any profit, dividends, distributions, or proceeds from the sale of the business. If you and your ex were each 50-50 owners, you'd be entitiled to half the gains; if you are the sole owner--it is in your name only--you are entitled to 100% of the gains. Ownership conveys the appropriate profit, etc. participation.


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