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My husband and I own a business and he is a addict and my…

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My husband and I own...
My husband and I own a business and he is a addict and my son works for our company. My husband is trying to get a his attorny to givft 10% of the company to our son. we have a large debt and I do not want my son to have to inherit that debit if he makes him a shareholder he just got married. My husband takes drawls from the company for his addiction. I am very conerned.
Submitted: 8 months ago.Category: Legal
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Answered in 3 minutes by:
11/12/2017
Lawyer: Olivia Kent, Attorney replied 8 months ago
Olivia Kent
Olivia Kent, Attorney
Category: Legal
Satisfied Customers: 4,010
Experience: Partner at Kent Law Group, LLC
Verified

The answer to your question depends upon what rights our business has to transfer ownership to others (including a family member). In other words, are there any bylaws that say each of you own 50% but must get the other party's permission to transfer ownership to someone else? If there's nothing, he can try to transfer his ownership and you can try to contest it. I know that sounds very up-in-the-air but that's what usually happens when there's nothing in writing about each person's rights in a business. Also, your son can refuse to accept the gift of the business and if you're concerned about your son taking on debt that would be a good conversation to have with him. Does that make sense?

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Lawyer: Olivia Kent, Attorney replied 8 months ago

Please let me know if you need me to clarify anything at all!

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