Business & Partnership Issues

Moving Forward Following the Death of a Business Partner

If a person dies while active in the operation of a family business, professional partnership or LLC, issues concerning management succession, equity transfers, liability for business indebtedness, and even employment matters can complicate the probate of the decedent’s estate. At BRMM, our Troy estate lawyers represent heirs, devisees, personal representatives, and trustees in resolving probate matters involving business assets, equity positions, and management succession problems.

Experience on All Sides of Business Interests

Our team has represented closely held corporations, partnerships, and other business entities that are sued in probate court by personal representatives or heirs of an estate.

We can help our clients resolve situations such as:

• Conflicts between the terms of a will and terms of a buy-sell agreement or other business contract
• Determination of business asset or equity transfers by contract to see if they can be recovered for the benefit of the decedent’s estate
• Interpretation and enforcement of buy-sell agreements, management succession agreements, and other business contracts
• Valuation, liquidation, and distribution of partnership or corporate equity interests when they are included as part of the estate
• Resolution of problems when business interests are held in trust rather than as part of the estate
• Assertion or defense of contract or tort claims involving a business in which the decedent had a controlling or significant interest
• Resolution of management succession or employment problems in a family business
• Injunctions and other equitable relief to preserve the business status quo pending the determination of opposing claims in probate court

Serving Oakland County Clients

At BRMM, our skilled lawyers know business and commercial litigation of all kinds. Together with our probate litigation practice, this background helps us understand the legal and practical dimensions of the transition a business must make upon the death of a principal.