Legal Question in Business Law in Texas
Using partial of my 401K to invest in my husbands new business. In the small case if we were to split our ways down the road or that the business fails, should I work out a contract or be listed as co-owner/partner in business or something? He says state of TX would give me rights to half of the business anyway if that were to happen.
1 Answer from Attorneys
As a Franchise Attorney I can say Texas is a community property state. But the more important issue is if the business goes belly up, and a lot of them do, especially these days, your 401K funds are gone forever. If your marriage is going through troubled times, you should think twice about letting him deplete your 401K. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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