Legal Question in Business Law in Indiana
Limited Liability Companies
If my spouse enters into a limited liability company with his brother and sister, what rights do I have if he should die before I do? Am I or our two sons, entitled to his share of the business? If not, what can be done so that my sons or I are not left emptied handed?
1 Answer from Attorneys
Re: Limited Liability Companies
Like any business patrnership, the agreement entered may address such issues. There may exist a buy out provision or option in the event one of the partners dies. What ever the value of that share may be, it would make up part of that parnter's estate to which his family would have a claim. I think it wise to express your concern to your husband and ask if you might review the agreement for such a provision. They should have an agreement apart from just a filing of incorporation with the State.
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