Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law
This answer was rated:

We own a restaurant with our son. Unfortunately his father

Good Morning: We own a...
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)
JA: What state are you in? And have you consulted a local attorney?
Customer: Maryland
JA: Has anything been officially filed? If so, what?
Customer: 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
JA: Anything else you want the lawyer to know before I connect you?
Customer: No I don't believe so----yes our rights etc.
Show More
Show Less
Ask Your Own Business Law Question
Answered in 3 minutes by:
9/7/2017
KJLLAW
KJLLAW, Attorney
Category: Business Law
Satisfied Customers: 1,766
Experience: Attorney at Law Office of KJLLAW
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?

Ask Your Own Business Law Question
Customer reply replied 3 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 3 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.

Ask Your Own Business Law Question

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?

Ask Your Own Business Law Question
Customer reply replied 3 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 3 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 3 months ago
Are we still connected or are we completed?

Yes we are, I am typing your answer.

Ask Your Own Business Law Question

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.

KJLLAW
KJLLAW, Attorney
Category: Business Law
Satisfied Customers: 1,766
Experience: Attorney at Law Office of KJLLAW
Verified
KJLLAW and 87 other Business Law Specialists are ready to help you
Ask your own question now
Customer reply replied 3 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.

Ask Your Own Business Law Question
Ask KJLLAW Your Own Question
KJLLAW
KJLLAW
KJLLAW, Attorney
Category: Business Law
Satisfied Customers: 1,766
1,766 Satisfied Customers
Experience: Attorney at Law Office of KJLLAW

KJLLAW is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,823 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

750 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

643 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

573 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
Is there a rule which requires that a corporation (or LLC)
Is there a rule which requires that a corporation (or LLC) must have a lawyer in a civil case?… read more
Damien Bosco
Damien Bosco
3,164 satisfied customers
The 60% business owner to an LLC with no articles of
the 60% business owner to an LLC with no articles of organization, has done things that makes all of us want to separate. however the 40% owners hold all MHIC licenses. Can the 60% just move the compa… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,823 satisfied customers
I want to create an operating agreement for an existing LLC
I want to create an operating agreement for an existing LLC in Ketchikan, Alaska. This LLC is principally involved in cultivating cannabis and manufacturing cannabis products. This LLC is a legal and … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,633 satisfied customers
We have an s corporation. In the shareholder agreement there
We have an s corporation. In the shareholder agreement there is a provision that the corporation must repurchase shares from minority shareholder when offered. Shareholder Agreement further states tha… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
948 satisfied customers
I am the 20% owner of an LLC partnership and my partner
I am the 20% owner of an LLC partnership and my partner (super majority) has not paid me for work done in 12 weeks. Our business agreement states that a member can resign with written notice but I wan… read more
KJLLAW
KJLLAW
Attorney
1,766 satisfied customers
I have a LLC business in the state of Texas. It is currently
I have a LLC business in the state of Texas. It is currently a sole proprioter. If I want to add 2 partners do I need to change it to a corporation? Or can I leave as is and just generate an agreement… read more
Ray
Ray
Lawyer
Doctoral Degree
30,523 satisfied customers
If I start a Corp with a few shareholders and then form an
If I start a Corp with a few shareholders and then form an LLC with the corp as a member with another person as the other member, will the corp have liability protection from lawsuits against the LLC … read more
KJLLAW
KJLLAW
Attorney
1,766 satisfied customers
I am in a Partnership LLC in PA and my business partner has
I am in a Partnership LLC in PA and my business partner has never paid me her share of the initial purchase of inventory as I paid for it on my personal credit card. Since she has never paid if it her… read more
LegalGems
LegalGems
Juris Doctorate
10,420 satisfied customers
I formed an llc as a corporate entity along with two
I formed an llc as a corporate entity along with two partners. One of my partner's was name appears as the filing agent in the articles of organization and we never filed an operating agreement. The p… read more
lwpat
lwpat
Doctoral Degree
256 satisfied customers
Business Law Question: We have an LLC set-up (Delaware) and
Business Law Question: We have an LLC set-up (Delaware) and are finally ready to pitch for investor funding... One of our main partners got into some financial troubles last year, and to put it bluntl… read more
LegalPro
LegalPro
Doctoral Degree
563 satisfied customers
Regarding terminating a business contract with a billing
Regarding terminating a business contract with a billing company that processes our billing. Both I and my partner signed contract as required by our Operating Agreement for the business . The billing… read more
LegalGems
LegalGems
Juris Doctorate
10,420 satisfied customers
Converting my llc business to a c corporation and looking
Converting my llc business to a c corporation and looking for a lawyer to sign the paperwork … read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,690 satisfied customers
Do all shareholders, ( 3 shareholder corporation) have the
Do all shareholders, ( 3 shareholder corporation) have the right to inspect the bank accounts? (florida corporation) … read more
Dwayne B.
Dwayne B.
Juris Doctor
28,584 satisfied customers
Is an LLC operating agreement between 4 members valid if
Is an LLC operating agreement between 4 members valid if only 3 members signed it ? … read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
948 satisfied customers
IS A "C" CORPORATION REQUIRED TO HAVE AN OPERATING AGREEMENT
IS A "C" CORPORATION REQUIRED TO HAVE AN OPERATING AGREEMENT WITH ITS SHAREHOLDERS OR OFFICERS?… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Is shareholder approval required to move a corporation out
Is shareholder approval required to move a corporation out of Nevada? We did a conversion to Colorado before our new annual list of officers and directors and business license was due. I think that is… read more
Ray
Ray
Lawyer
Doctoral Degree
30,523 satisfied customers
I am covered under an LLC operating agreement with a
I am covered under an LLC operating agreement with a noncompete clause. I have been told in an email (by the managing partner) that I am no longer a member due to a freeze-out merger but I have not se… read more
Ely
Ely
Attorney
Juris Doctor
573 satisfied customers
My LLC in does not have an Operating Agreement and 2 of the
My LLC in Virginia does not have an Operating Agreement and 2 of the members would like to voluntarily withdraw leaving myself and 1 other member with the LLC. Do we need an Operating agreement before… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x