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Attorney2020
Attorney2020, Attorney
Category: Estate Law
Satisfied Customers: 2578
Experience:  Estate planning and wealth preservation attorney.
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What rights do i have as a general partner of a family farm?

Customer Question

What rights do i have as a general partner of a family farm?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Attorney2020 replied 1 year ago.

General partner of a limited partnership? Or general partner of a general partnership, if so how many partners? Is there a signed partnership agreement?

Customer: replied 1 year ago.
general partnership. Inherited family farm - each own 1/3 undivided interest. There are 3 partners. There is no partnership agreement.
Expert:  Attorney2020 replied 1 year ago.

Each partner has a 33 and 1/3 authority to make decisions. For instance, two partners would have to agree on all decisions for any action to be agreed upon by the partnership.

I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time.I thank you in advance for your cooperation. Thanks.

Customer: replied 1 year ago.
I would potentially be the partner who does not agree that outsiders come onto the property and hunt/party etc. This creates a liability for me. What can i do to protect myself?
Customer: replied 1 year ago.
Can I force a sale if we do not all agree?
Expert:  Attorney2020 replied 1 year ago.

A partition to sale could be forced but it would require court action.

Partition lawsuits in Georgia come about for multiple different reasons. Parties might co-own a property because the inherited it jointly, or because they purchased it together but no longer wish to reside with one another or conduct business with one another. In any event, a partition action is a remedy that divides the property between the two co-owners, according to the type of tenancy they owned the property in. There are two means for getting a partition of property. If the parties get along well enough to negotiate a private agreement, they can get a voluntary partition. However, if they can not come to an agreement on their own, one party can file a petition for partition in the State of Georgia, and the land will be divided by judicial order.

Land can be separated in two ways. A partition in kind takes the property and physically carves out two distinct pieces, each to be owned solely by one of the parties. If the property is not easily divisible, like a residential home or oddly-shaped piece of land, then the court can order the parcel sold and the proceeds distributed among the parties according to their share. The shares each party will get depend on the type of tenancy they held the property in. A joint tenancy requires that each party have an equal share, regardless of their contributions to the purchase. A tenancy in common allows for varying percentages of shares according to the portion that each party contributed to the purchase, or according to the contractual agreement. When land is partitioned, it must be done in a way that is in keeping with the shares owned by each party.

Georgia is a title theory state, which means that any lender is a necessary party to partition litigation. This can make a partition action complicated for all of the parties involved. It is best to consult with an experienced partition action attorney who handles Georgia partition claims.

I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time.I thank you in advance for your cooperation. Thanks.

Customer: replied 1 year ago.
What about my liability if a guest of my partners are injured? Also, my two sons seem to think they own the land and are bullying me, trying to run me of the property and causing me great emotional distress. Can i remove them if my brother has given them permission to be there?
Expert:  Attorney2020 replied 1 year ago.

You are jointly and severally liable for guest whom are injured on the property. I encourage property insurance. Also, you cannot remove the individuals that are permitted to be on the property by the partners. You could sue the partners for violation of fiduciary duties but again that requires court intervention and could get expensive.

I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time.I thank you in advance for your cooperation. Thanks.

Customer: replied 1 year ago.
An a 1/3 owner, can i force a sale if I want to cash out and no longer be involved?
Expert:  Attorney2020 replied 1 year ago.

Yes, you may partition the property and sale it.

I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time.I thank you in advance for your cooperation. Thanks.

Expert:  Attorney2020 replied 1 year ago.

I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. I thank you in advance for your time. Thank you.

Expert:  Attorney2020 replied 1 year ago.

I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. I thank you in advance for your cooperation.