How can a legal estate business that has been established for over 5 yrs be dissolved between two brothers if only one wants out

Asked about 1 year ago - West Caldwell, NJ

Estate was legally place and registered by state (NJ) into business. Two brothers equal partners. Questions is that one brother wants to get the business dissolved to take over house. Can he do it without buying the other brother out?

Attorney answers (4)

  1. Joseph Franklin Pippen Jr.

    Pro

    Contributor Level 20

    4

    Lawyers agree

    Answered . No-but one can petition the court to have the business sold and then divide the proceeds.

    The answer given does not imply that an attorney-client relationship has been established and your best course of... more
  2. Lawrence A Friedman

    Contributor Level 18

    2

    Lawyers agree

    Answered . Depending on circumstances, the brother may be able to force sale of the business through a court application. Very fact dependent. I would recommend a lawyer consult to discuss the options.

    Lawrence Friedman, Bridgewater, NJ. Certified as an Elder Law Attorney by the ABA approved National Elder Law Foundation, former Chair NJ State Bar Association Elder and Disabilities Law Section, Member Board of Consultors of NJSBA Real Property, Trusts & Estates Law Section, Vice Chair Special Needs Law Section of National Academy of Elder Law Attorneys, and Master of Laws (LL.M.) in Taxation from N.Y.U. School of Law. Visit SpecialNeedsNJ.com for articles and Q&A on elder law, special needs, wills, trusts, estates, and tax. Visit SpecialNeedsNJ.com/blog and subscribe for free timely updates to be delivered to your inbox. Information on both Avvo and SpecialNeedsNJ.com does not constitute legal advice, as it is general in nature and may not apply to your situation or be subject to important changes. No attorney client relationship exists unless set forth in written engagement terms.

    Lawrence Friedman, Bridgewater, NJ. Certified as an Elder Law Attorney by the ABA approved National Elder Law... more
  3. Thomas Devlin Begley III

    Pro

    Contributor Level 13

    2

    Lawyers agree

    Answered . Any beneficiary of an estate has a right to have their property distributed to him. In that regard, if it is an interest in a business, no one has the right to compel them to own something they do not want. These matters get resolved in one of two ways. First, either you or brother buy the other out voluntarily. Second, your brother can file an action to compel the sale of the company and/or its assets. In that case, there will a be a sale by the sheriff. I will strongly urge you to come up with a buy out as sheriff's sales using result in both sides losing as a third party buyer will only pay pennies on the dollar of what the business is worth.

    This response does not constitute the establishment of an attorney-client relationship. It is also not to be... more
  4. Martin L Bearg

    Contributor Level 14

    1

    Lawyer agrees

    Answered . I am located in Livingston. If you would like a consultation, I would be happy to talk with you. I handle both business matters and estate matters.

    As Mr. Begley has indicated, if you petition the court for the purchase of your brother's interest or the sale of your interest, the only ones who win are the attorneys, and, if sold by the sheriff, the third party.

    I can be reached at 973-994-9080.

    The foregoing is not intended to be legal advice upon which you may rely as I have not been retained for this purpose.

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