My Parent’s left the business to my brother and I but not 50/50, who is in control?
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My Parent’s left the business to my brother and I but not 50/50, who is in control?
My parents left 60 to my brother and 40 to me, they also left their house as part of the business. Who gets what and who controls what? Who gets to live in the house if it’s part of the business, the business is run out of the house. Does 60 control the business and what am i responsible for with only owning 40?
Asked on June 28, 2017 under Business Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, the majority owner controls the business, so your brother, as a 60% owner, is in control. Your 40% means you get 40% of any profits, or 40% of the proceeds if the business were to be sold, but gives you no say over the business--not in the face of your brother's controlling interest. Since he controls the business, he also controls the business's assets, or anything it owns, which includes the house if it is owned by the business. In that event, he could decide who gets to live in or otherwise occupy the house.
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