What is the name of your state? GA
My mother's husband was killed in a motorcycle accident in Dec. 2006. They ran a business together that is doing fairly well but like a lot of small businesses very in debt. There was no will and life insurance money. The money is manufacturing plant and requires many big machines, which in return requires many big lease payments. My step-dad did work very hard to get the business going but he owed a lot of people a lot of money. one of them being my mom. She has personally put over $100,000 in the plant, she has worked for the last eight months drawing no salary, she has refinanced her home twice, her parents put up the money that initially got the plant started, and she supported my step-dad while he worked her because he drew no salary the business was getting started. She feels that with all the debt that the company has, which is TONS it will be worth less than 50,000. There are a lot of valuable machines but we don't own them yet. She is constantly having to put her own money in to make lease payments. My mom filed for a Year's support asking for my step dad's stock in the company. One of his son's petitioned the year's support claiming that the company is actually worth far more than she claims, she has other sources for income and should not be entitled to the company because his dad owned it 100%.
Here's the sticky part, did have a company incorporated. The company they had incorp. was a sales company and they did it for tax purposes. They did 1,000 shares and all of them were in my step dads name. The manufacturing plant that I speak of above is a division of that company. On the certificate, it says something to the effect of who ever holds this certificate owns it.
Does my mom have a chance to take this company as her own? Every vested person in this company is on her side? What about the people who have hundreds of thousands of dollars invested in this company, should they have to all of a sudden be loaning money to my step brothers who can't even get car loans? What about the stock certificate?
Thanks for any help!!What is the name of your state?
My mother's husband was killed in a motorcycle accident in Dec. 2006. They ran a business together that is doing fairly well but like a lot of small businesses very in debt. There was no will and life insurance money. The money is manufacturing plant and requires many big machines, which in return requires many big lease payments. My step-dad did work very hard to get the business going but he owed a lot of people a lot of money. one of them being my mom. She has personally put over $100,000 in the plant, she has worked for the last eight months drawing no salary, she has refinanced her home twice, her parents put up the money that initially got the plant started, and she supported my step-dad while he worked her because he drew no salary the business was getting started. She feels that with all the debt that the company has, which is TONS it will be worth less than 50,000. There are a lot of valuable machines but we don't own them yet. She is constantly having to put her own money in to make lease payments. My mom filed for a Year's support asking for my step dad's stock in the company. One of his son's petitioned the year's support claiming that the company is actually worth far more than she claims, she has other sources for income and should not be entitled to the company because his dad owned it 100%.
Here's the sticky part, did have a company incorporated. The company they had incorp. was a sales company and they did it for tax purposes. They did 1,000 shares and all of them were in my step dads name. The manufacturing plant that I speak of above is a division of that company. On the certificate, it says something to the effect of who ever holds this certificate owns it.
Does my mom have a chance to take this company as her own? Every vested person in this company is on her side? What about the people who have hundreds of thousands of dollars invested in this company, should they have to all of a sudden be loaning money to my step brothers who can't even get car loans? What about the stock certificate?
Thanks for any help!!What is the name of your state?