Business Buyouts

[businesslawinfo]

My question involves business law in the state of: NJ
I was 1/3 owner in an s-corp for 30 years, (one partner does not take a salary but does get profit sharing and also holds 33% interest in the property) I was told by the one other partner that I was not carrying my weight and not bringing enough money in to justify my salary. I left the company which has approx. $100,000 in liabilities and approx. $100,000 in receivables that have not yet been paid. We own the building worth appox. $400,000. There are also life insurance policies that have cash values on myself and one other partner. The beneficiary is the corporation but I feel that I should get the cash value of the life insurance policy held in my name and he can have his. (They were put in place to protect the surviving partners in the event of death so that spouses could not hold any interest in the company. They would only receive the life insurance pay out.) I am only taking my fair value of the building since my partner feels the business is not worth anything. I disagree but I agreed anyway (the business has been in business for 50 years.) He feels the cash value of the life insurance should go back to the corporation. He feels that the amount can pay off some of the debt that was incurred by my vendors. The customers however have been invoiced and we were paid. My questions are isn't the life ins. policy an asset of the business and if I am liable for any outstanding debt, shouldn't I then receive pymt. for any outstandanding receivables? I am asking for the cash value of the life insurance policy (only the one in my name) and 1/3 of the building value.

[Mr. Knowitall]

If the business owns the policy, it's an asset of the business.