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Old 01-08-2001, 05:35 PM
mlbaker5
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I am in a family business. Currently we have my dad, brother, husband, and me (daughter). With the exception of my dad all have worked for the same amount of time. We were hoping that when my dad retired that we could be equal partners or at least my husband and my brother be equal partners. Some lawyer advised my father that there had to be one person in control. We will all have equal shares but someone would have to be President. I just wanted to know if there was some way around this and if it is possible for all three of us or two of us to be equal? Thank you, mlb
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Old 01-09-2001, 03:03 PM
lawrat
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I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

May I suggest the following:

Your lawyer is wrong. You can 1/3 partners between the three of you: but i recommend an llc or llp to protect your personal assets.

1. Read about partnerships at the freeadvice.com homepage.

2.http://www.nolo.com/encyclopedia/articles/sb/partag.html

3.http://www.nolo.com/encyclopedia/articles/sb/partnerships.html
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