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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 1611
Experience:  Run my own successful business/contract law practice.
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My father started his businesses in 1976. He passed away and

Customer Question

My father started his businesses in 1976. He passed away and left me 23% of his businesses. My brother joined the businesses in the late 90's. My brother is the manager of the businesses and states that I don't deserve to have any money from the businesses because I didn't work there. I don't foresee him doing any payouts to owners. He receives his salary and management fees. I will still have the 23% on my taxes with no income to pay them from the businesses. What should I do?
Submitted: 7 months ago.
Category: Business Law
Expert:  P. Simmons replied 7 months ago.

Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

Expert:  P. Simmons replied 7 months ago.

It's very hard or us to answer a question like "what should I do" and provide you with helpful information. I need you to be more specific in your question(s) if you could. When we answer general ones like "what do I do", "what are my rights", or "what are my options", we have to give general answers and, invariably, the customer responds with "I already knew that". This type of forum works better if you ask specific questions so we know exactly what you are looking for.

Expert:  P. Simmons replied 7 months ago.

Are you asking if you can sell your share of the business?

Customer: replied 7 months ago.
My thoughts are that I would like to have my brother buy me out or just not accept the shares and give them to him. If I kept the shares and he never paid out any money to owners, I would still have the 23% on my taxes to pay but have no income from the business to be able to afford to pay the taxes.He refuses to provide an accounting of the estate since my dad died and hasn't been transparent or honest about a few things like how the estate expenses were paid.He refused to sell any assets to pay the full amount of the estate expenses. He took money that is mine from my 28% ownership of an oil well without my knowledge or approval, not part of the estate, and said I was personally responsible for the estate expenses. He even offered to loan me the money with interest to pay the expenses.He is acting in his best interest and I don't feel I have much say since he is the executor of the estate and has the majority share in the businesses. I would just like for him to be fair, but feel he won't be.
Expert:  P. Simmons replied 7 months ago.

Thank you
Can you tell me, is there a written operating agreement for this business? If so what, if anything, does it say about this (about your right to sell your share)?

Customer: replied 7 months ago.
There are documents for the businesses that I haven't signed being that it gives my brother total managerial control. However, I don't think it matters due to his controlling shares. According to our accountant, he is interested in buying me out but the amount he mentioned would give me 12% of my dad's estate. My dad's estate did go through probate and everything was appraised.
Expert:  P. Simmons replied 7 months ago.

Sorry...that was not the question. Is there a written operating agreement for this business? If so what, if anything, does it say about this (about your right to sell your share)?

Customer: replied 7 months ago.
I'll have to do some checking. Thanks!
Expert:  P. Simmons replied 7 months ago.

No worries...the answer to the question will likely depend on what you find out...

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