what are laws of partnership and corporation right now?

Question

my aunt and her husband was the owner of a famous and succesfull restaurant, but they died, and all of their assets are distibuted to their children.the restaurant was shut down coz nobody in her children can finance the bussiness. my cousin and my sister were very close, and then one day, my sister and my cousin decided to open the restaurant again and my sister is the one who finance all the expenses or she is the financerl. after 12 yrs. the restaurant is very2x succesfull again. times comes they are fighting and always telling me that they are going to divide their assets, but how can my sister be entitle to the assets of the restaurant ? coz her name was not in legal documents till now the restaurant is under the name of my cousin and saying that it is a sole proprietorship.How can my sister claimed what is right for her being the financer who operate the business again?

Answer 1

They need a lawyer. Partnership laws vary a lot, but if the restaurant is a sole proprietership, and her name isn't on it, she is not an owner. She may be able to make a case as a creditor of the owner, but this is too complicated to be answered here.

Answer 2

A partnership is a legal fiction,where two or more people share assets, income and liability for a joint venture.

Most states recognize that a partnership can be formed informally, and that paperwork is not always controlling. However, there are complex issues involved implied contracts, restitution, quasi-contracts, and informal partnerships.

Your sister should retain a licensed attorney who is experienced in business formation and quasi-contract matters.

Answer 3

Exactly what coragryph said. It's too complicated, and too dependent upon state-specific laws, to answer it here responsibly. She very well may have a good case, but she needs to get a good business litigator in her state.