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I started a business in Marlboro MA using some borrowed money from my brother-in-law.
I started a business in Marlboro MA last year and I borrowed some money from my brother-in-law. He told me to pay him back when I could, and that if I wanted to add any interest to the payment, it was up to me. Now that the business is doing very well, he thinks he is my partner and wants half of the profits. He asked to see the business tax returns and bank records. This is causing all kinds of family issues. What should I do?
The first thing you should do, is not discuss this with anyone at all. Absolutely no one, except your lawyer. It sounds as if you do no have a lawyer, so you should call the business attorneys at Goldberg & Oriel as soon as possible. Since there is nothing in writing, you have a strong argument that the money was simply a loan and not an investment in the Marlboro business. However, if you start to allow your brother-in-law to see the financial records, it may be interpreted as an acknowledgment by you that there was some kind of ownership interest that would be given in return for the money. Give our business attorneys a call before this develops into more of a problem than it already is. The business attorneys at Goldberg & Oriel are ready to help you.
The Marlboro MA business attorneys at Goldberg & Oriel represent individuals throughout Massachusetts. Located in Framingham, Massachusetts our attorneys serve the entire Boston region including the communities of Acton, Arlington, Belmont, Boston, Braintree, Brockton, Brookline, Burlington, Cambridge, Canton, Dedham, Framingham, Lexington, Marlborough, Milton, Natick, Needham, Newton, Norwood, Quincy, Waltham, Watertown, Wellesley, and Worcester.