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Do I own a third of the business?

1 Answers. Asked on Mar 16th, 2017 on Business Law - Colorado
More details to this question:
In 1989 my husband and brother in law bought the family business from their parents. Because we had more collateral in property than my husbands brother I was told I had to sign all paperwork pertaining to the business though I am not down as a partner. Any loans etc I sign paperwork. The business is paid off but any paperwork pertaining to it I must sign papers. Does this make me a third partner?
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Answered on Mar 17th, 2017 at 9:03 AM

No.  It depends on what papers you are signing.  For example, you could be guarantying the business's (I assume that the business is a separate entity, e.g. a corporation or llc) liability under its lease, which would only make you a guarantor, not an owner.  You could be consenting to your husbanc's use of marital property (like your house) to secure financing for the business.  You could be agreeing to act as an officer or director of the business corporation, which would not make you an owner.  There are many documents which someone who doesn't own a business could sign to benefit the business.

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