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I currently have a 20% share /ownership in my family

Customer Question
business. The share was given...
I currently have a 20% share /ownership in my family business. The share was given to me through my father, however I found out that my father had my sister give me
10% of her share and my father gave me 10% of his making it 20.
I did not use any of my own monies
I was also the general manager for 7 years.
All shares where legally assigned with a lawyer and name is ***** ***** loan documents and business. What are my rights.
If they sell the business or decide to terminate my partnership are they required to give me
My share in full.
What are my rights
Submitted: 3 months ago.Category: Legal
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3/26/2018
Lawyer: Legal Eagle, Lawyer replied 3 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 13,426
Experience: Licensed to practice before state and federal court
Verified
Hello I am an attorney here to help. The answer to your question is yes, you are to be paid out if they sell or terminate the partnership. Ownership in a business is like any other personal property ownership. If you are the legal owner of the shares, then any sale or termination means you must be paid out at the value of the shares at the time of the termination. For example, if there are bylaws that say a partnership share can be terminated for some reason, then it is illegal if you aren't paid out. If they sell the biz, then you are to be paid out similar to anything else you have ownership in.
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Lawyer: Legal Eagle, Lawyer replied 3 months ago
They must give you the reasonable value in the shares within a reasonable time after sale. You can also generally sell your shares on your own as well. Did you have any other questions for me about this today?
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Customer reply replied 3 months ago
My sister gifted me her condo based on me giving up my rights on my dads home in Beverly Hills which is worth around $4-5 million with
A $1,000,000 balance on the note.
The condo was valued at $1,000,000 in which she gifted to me on paper. The condo was fully transferred and recorded with Los Angeles County
The agreement which is verbal is the house would go to my sister in return for condo. The house
Is still in my dads name my mom
Passed 10 years ago. I never officially agreed officially but verbally. If my sister plays hardball with me can I use the house as leverage. My family has a trust which my sister and I will split 50/50
She says she spent $1,000,000 remodeling but not on record
Also she dwells on all the money she gave me and never accepted we-payment nothing on record.
When calling the attorney who did the trust he would disclose anything to me as I’m only a beneficiary. and not a co- truste
Lawyer: Legal Eagle, Lawyer replied 3 months ago

Thanks so much for your patience on this. It would be difficult to hold this as leverage if all you have is an oral agreement. The reason is because the Statue of Frauds requires that contracts regarding land be in writing to be enforceable. But even if you have something in email or text message, then that will be sufficient. Did you have any other questions for me at all?

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Customer reply replied 3 months ago
One last thing if at anytime I feel I may be screwed over by my family. Do you recommend a law suit.
Lawyer: Legal Eagle, Lawyer replied 3 months ago

Usually, I don't recommend lawsuits because the time, expense, and bad blood that flows from a lawsuit can be extremely difficult.

One little known, but very effective tool that lawyers use when there isn’t a law that they can rely on to support their position is called principled negotiation. All this means is that you are looking to get something done on the basis of principles, even if you can’t find a law to support you. It takes the anxiety out of dealing with the other side because you’re focused on the facts, not each other.

Here are some simple steps you can follow:

  1. Figure out what the other side’s interests are (saving money, saving time, etc.?);

  2. Think about what your interests are (saving money, saving time, etc.?);

  3. Come up with 2 to 3 reasonable and objective ways to solve the problem;

  4. Present it to the other side;

  5. If the other side rejects, ask them, “Is there a reason why you do not feel it is necessary to negotiate?”

Of course, these are just building blocks to get the other party to help solve the dispute. Believe me when I say that good lawyers use this technique all the time to keep things out of court. You’ll find that it is very effective even with the most stubborn of individuals.

So, if you think about what it is that they want, even if it just feeling like they have power over you, could cost way less than a lawsuit if you give them a bit of what they want to get what you want.

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