Legal Question in Wills and Trusts in Illinois

Am I liable for brothers business?

Hi all,

My brother recently passed. He owned a Kung Fu school set up as a LLC. (he was an employee of his own school). The school is not making money and there is a big balloon payment coming due on his retail space.

I was told that between my father and my other brother, I am 25 pct. owner of this business.

My question is, am I liable for anthing? My stubborn brother refuses to shut the school down. My father is clueless. I dont have anything to do with the business and I do not want to be liable for anything.

In addition, out of the three of us, I am the only home owner with any kind of assets worth protecting. Can you please let me know if I am liable for anything they do while running this school? What do I need to do to protect myself? Is it costly?

Thank you in advance, Brian


Asked on 8/17/05, 12:22 am

2 Answers from Attorneys
Kevin Plachta The Law Office of Kevin F. Plachta

Re: Am I liable for brothers business?

You said you were told that you own part of the business. Did you ever sign the lease to the space? Did you ever sign any documents which show you as part owner. One can not be liable for something if one does not sign a document which makes one liable. I suggest you get a copy of the lease and see who signed it and I would get copies of the document relating to the LLC to see who is listed.

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Answered on 8/17/05, 8:58 am
Michael DeLaney DeLaney Law Offices, Ltd.

Re: Am I liable for brothers business?

If the only reason you are an "owner" of the business is because you inherited it from your brother, you can simply not accept your inheritance.

However, there may be other assets in the estate, and other issues to deal with in the administration of the estate.

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Answered on 8/19/05, 4:53 pm


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