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Attorney & Counselor
Attorney & Counselor, Attorney
Category: Business Law
Satisfied Customers: 868
Experience:  Attorney & Counselor at Law with significant corporate, medium, and small business law experience.
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I own a business in florida with two other individuals with

Customer Question

I own a business in florida with two other individuals with 20 percent interest in the company. My best friend and business partner died in january 2009 leaving me his 60 percent interest in the company in a holigraphic will that I'm trying to get probated. The investment monies came from his cousin who was our third business partner. There were no loan documents drawn up between her and the business. if we made money we were to pay her back plus she would have her 20 percent interest in the company. We have a property in St. Petersburg FL that was a rehab/flip that has been sitting for various reasons mostly due to afraudulent contractors that committed org. fraud and ins. fraud against our company on this home as well as the home of the third business partner in Treasure island fl. The third partner and I aren't talking anymore as a result of her disagreement of what was said in the will. I haven't been paid my salary in full since dec 2007 due to cash flow issues with the fraud
Submitted: 8 years ago.
Category: Business Law
Expert:  Attorney & Counselor replied 8 years ago.

This sounds like a complex and difficult situation.

You should know that any agreements that are not in writing will be very difficult for your partner to enforce.

Courts usually require loan document to be written, unless the defendant admits the debt.

Attorney & Counselor and 3 other Business Law Specialists are ready to help you
Customer: replied 8 years ago.
Is it a correct understanding then that once the will is probated and I have an 80 percent vested interest in the company that I can sell the property to operate the business and move onto other projects?
Expert:  Attorney & Counselor replied 8 years ago.
Yes, if you inherit the 60% stake, and you already own 20%, you will then own 80%.

As majority owner, you can sell the company assets and distribute and proceeds among the shareholders.