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We own a restaurant with our son. Unfortunately his father…

Good Morning: We own...

Good Morning: We own a restaurant with our son. Unfortunately his father give him 51% with alot of trust behind that decision. However, things are not working out. We have been informed that they (meaning his wife and him) want to sell it. We have don't know what the value to income is as they will not give us the information and have we not received a distribution check in a year. My question is this can my son sell this place of business as well as the building without our consent and can they hold the information we request of the books. They totally refuse to show things to us. What are we entitled to see and rights do we have as a 49% partner. Yes, we are interested in selling but again we want to know what the value to income is also, what funds are available in the bank etc. (Restaurant business)

Lawyer's Assistant: What state are you in? And have you consulted a local attorney?

Maryland

Lawyer's Assistant: Has anything been officially filed? If so, what?

Yes, we consulted a local attorney, but for them do something we need funds and that we don't have. We are on a fix income/and had invested all our funds into this place of business. I don't understand what you are asking about officially filed I am sorry, as this is very upsetting

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No I don't believe so----yes our rights etc.

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Answered in 3 minutes by:
9/7/2017
KLAW
KLAW, Attorney
Category: Business Law
Satisfied Customers: 2,375
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
Verified

Good morning. I am a legal expert attorney who will assist you today. A few initial questions. is there a written agreement regarding the business, a partnership agreement, LLC, Corp.? And who holds title to the property? is the deed held in the business name?

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Customer reply replied 10 months ago
Scorp, Unforunately it is in a LLC that is in my son's name however, an agreement was made between father and son if property sold 1/2 would go to father Yes, to deed in business name
Customer reply replied 10 months ago
Just wondering if you were still there I prefer texts to phone calls right know

O​k I will continue with the texts, no phone call.

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Are you on any documents relating to the business. Who hold the 51%, and in what form? If it is an LLC is there an operating agreement?

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Customer reply replied 10 months ago
My husband is He holds 49% owner-stock holder-partner. It is a S-corp for restaurant-a LLC for building. My son holds 51% owner-stock holder-partner for restaurant. The LLC name has only my son's name on it, however again there was an agreement between father/son on building
Customer reply replied 10 months ago
As far as my name on documents the answer is no--I just loaned this business my whole life savings and retirement totally $650,000.00. That is why I am so concern about this so call quick decision to sell and which they claim we will have a large sum of money that will change my life.
Customer reply replied 10 months ago
Are we still connected or are we completed?

Yes we are, I am typing your answer.

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Hello and welcome to Just Answer. No attorney-client relationship or privilege is formed by speaking to an expert on this site, the answers are for general information. By continuing, you confirm that you understand and agree to these terms.

The controlling document is the Corporation shareholder and stock agreement, where your husband owns and is a 49% owner-stock holder-partner.

Without looking at and reviewing the corporate documents, generally, the corporation would be considered an owner of the building under the Corporation agreement, and the LLC would be the titled owner. Many corporate documents set up a business where the Corporation is the owner of the business and the LLC is the owner of the land and building for various tax and liability issues.

Your husband could stop the sale of the land/building but he would have to file an action in court for

breach of contract for your son not fulfilling his contractual duties with the distribution of profits, etc. He would need to file an action in Circuit Court to protect his contractual rights and recover losses.

I suggest he bring all of his documents in to a local attorney to review the agreements and deed. He may need to have the court issue an injunction to stop any sale of property from the LLC, and protect his monetary interest.

I hope this helps.

It was a pleasure assisting you today, and I would appreciate if you would rate my service, so I will receive credit and payment for my work. After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions.

KLAW
KLAW, Attorney
Category: Business Law
Satisfied Customers: 2,375
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
Verified
KLAW and 87 other Business Law Specialists are ready to help you
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Customer reply replied 10 months ago
Thank You I was hopeful for a better solutions than court-I just didn't want it to get ugly. But as they say it is what it is.
Thank You again and please have a great day.

Thank you, ***** ***** under the circumstances and what is signed and the business arrangement, court is the only option.

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