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  1. #1
    Join Date
    Feb 2014
    Posts
    1

    Default Selling a Business Owned by Multiple Partners

    My question involves business law in the state of: Alabama.

    I will try to be as detailed as possible, although any lack of clarity is more than likely a lack of me having the knowledge myself.. I plan on doing some investigation but working 8-5 M-F makes it a bit hard.

    My father many years ago, roughly 15, purchased a plot of land and built a business on it, an R.V. Park to be precise. He left no living will when he passed away in 2005, which is the cog in this whole wheel.

    I managed the business for a few years but dumbly, at the age of 18-20, didn't go to a lawyer and have anything done to officiate the transfer.

    I let my mother manage the park so I could go back to my chosen profession. 6 years later, her boyfriend of the same length is dying thus they're both in a "sell everything" mode.

    My fathers wish was to leave the park to myself and my brother, whom is now 20, however, without a will that doesn't mean a lot. My mother "supposedly" went and put the company in ALL 3 of our names. Doing an online search returns no results for business license or anything of the sort. I'm going to investigate this tomorrow via the phone.

    My question is this, though. If she did indeed put it in all 3 of our names, she says she only needs majority vote to sell the company, which I disagree with. I don't know what time of company it is, and I understand each has different regulations.. However, is there anyone able to shed ANY light on the situation as stated?

    I'll return with more details but the situation went from 0 to dire in a matter of a week..

  2. #2
    Join Date
    Jan 2014
    Posts
    118

    Default Re: Selling a Business Between Multiple Partners

    Quote Quoting DuaneG
    View Post
    My question involves business law in the state of: Alabama.

    I will try to be as detailed as possible, although any lack of clarity is more than likely a lack of me having the knowledge myself.. I plan on doing some investigation but working 8-5 M-F makes it a bit hard.

    My father many years ago, roughly 15, purchased a plot of land and built a business on it, an R.V. Park to be precise. He left no living will when he passed away in 2005, which is the cog in this whole wheel.

    I managed the business for a few years but dumbly, at the age of 18-20, didn't go to a lawyer and have anything done to officiate the transfer.

    I let my mother manage the park so I could go back to my chosen profession. 6 years later, her boyfriend of the same length is dying thus they're both in a "sell everything" mode.

    My fathers wish was to leave the park to myself and my brother, whom is now 20, however, without a will that doesn't mean a lot. My mother "supposedly" went and put the company in ALL 3 of our names. Doing an online search returns no results for business license or anything of the sort. I'm going to investigate this tomorrow via the phone.

    My question is this, though. If she did indeed put it in all 3 of our names, she says she only needs majority vote to sell the company, which I disagree with. I don't know what time of company it is, and I understand each has different regulations.. However, is there anyone able to shed ANY light on the situation as stated?

    I'll return with more details but the situation went from 0 to dire in a matter of a week..
    You aren't going to find any help here without doing a considerable amount of court and county record researching and then be able to explain how this plot of land was titled. And what disposition of it, if any, was made through the probate of his intestate estate (meaning no will), if any. And it doesn't appear to me that you would be capable of doing that.

    So if you want the right answers and directions, then you and bro need to spend some money with a local attorney who will know how to sort it all out. Because it ain't going to pop up on your laptop.

  3. #3
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Selling a Business Between Multiple Partners

    To start with, did he own the park himself or was it owned by a corporation he controlled.

    Then, was probate ever opened and completed for his estate?

    yhen as the previous poster said, how title to the property was held is critically important.


    Realisticly there are many questions to be answered and much research to be done. This is one of those times that sitting down with a lawyer really is what you need to do.

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