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

UPDATED: Oct 1, 2022

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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