Are corporations and land owned the same?

[jbraach]

What is the name of your state?What is the name of your state?

I am from Montana. I purchased, as a partnership of 4, 42 acres and a gravel business for $300,000.00. We then incorporated this gravel business. The other 3 partners had an unofficial meeting and voted me out of the corporation. they offered me $25,000 to get out or to get out with out anything. I took the $25,000 because I felt like I had no other options. When I did this did I forfeit the land also? Will I be responsible for taxes because the netted $41,000.00 I was bought out in July 2004.

Thank you Judy

 

[divgradcurl]

Well, it may be too late to do anything about it, but you should go see a lawyer ASAP. The corporation may be able vote you out as a director (depending on the articles of incorporation and bylaws), but they can't make you forfeit your ownership rights in the corporation simply by a vote, and certainly can't make you walk away with nothing. Take whatever paperwork down to a local lawyer, and see what can be done to make sure you are fairly compensated for your leaving the corporation. He or she will also be able to help you with any tax questions you might have.