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Barrister, Attorney
Category: Business Law
Satisfied Customers: 33191
Experience:  15 years practicing attorney, JD, BA, MBA
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I am in my mid-fifties, and my parents voted me out of the

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I am in my mid-fifties, and my parents voted me out of the family k-1 partnership over family differences. As consideration, they gave me a check for $88k representing my depreciated value of my 4.89% share. I did not receive any statement showing how this was calculated. They own 80% and my three siblings and I each had 4.89% for a total of 20%. My siblings and I are passive, non-voting partners with no personal funds at risk. I signed the document but haven't cashed the check and know that once I do I accept the deal. I just wanted to see if there are any legal rights to which I am entitled since I had no personal contributions in the partnership.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
To be very honest with you, if they have that large a percentage of ownership of the partnership, even if your shares have voting rights, there is no way you could override any actions that they take.
At this point, about the only thing you could do is dispute the valuation of your interest and refuse to sell until you got a professional appraisal of what your interest was actually worth. However, the entire business would have to be appraised and these types of business valuation appraisals can be very expensive, as in the $10,000 range, so it might not be financially wise to go this route unless you have a reasonable expectation that they are severely undervaluing your interest.






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