Business and Partnership Issues
Moving ahead and managing after a partner passes
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.
Our attorneys represent heirs, devisees, personal representatives and trustees in the resolution of probate matters involving business assets, equity positions and management succession problems.
We also represent closely held corporations, partnerships, and other business entities that are sued in probate court by the personal representative or heirs of an estate. We can help you resolve situations such as these:
- Conflicts between the terms of a will and those 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 that affect the heirs
- 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
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. Learn more about how we can help. Call BRMM today.