• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

partnership?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

L

lcouch

Guest
I have a bit of an unconventional question. It is regarding business in Texas that I have worked for for 10 years. My stepfather owns it and it is left to me in the will. My stepfather is 78 years old but is in the office almost full time. I, however, run the day to day operations.
I do not want to wait until he is deceased to own the business as I have a disgruntled sibling in the picture. My mother is in declining health and I am concerned that my stepfather's family may step in if something should happen to my mother.
How can I go about getting the business to legally be mine--now? It is a corporation.
Thank you,
Laura
 


T

troynsam

Guest
Check your articles of incorporation, which is the contract between your state and the original incorporator(s) of the company. This may contain the conditions in which controlling stock may be turned over to you. This will of course have to involve your step-dad, as he will have discretion concerning any and all business transfers, unless you have an official board of directors. The articles are sometimes amended when stocks(ownership) are exchanged. Check out :

http://www.american-capital.com/datacenter/articleaspArticleID205.html
 
Last edited:

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top