Legal Question in Business Law in Kentucky

issolving corporation

my mother and her brother have been in business for 40 years. Things have deteriorated between them. Seh is 71 he 78 and she wants to dissolve, liquidate and move on. He on the other hand won't buy her out and wants to die in teh store. Value is over 2MM, so very important to her for retirement etc...No buy sell in force unfortunately.


Asked on 5/13/08, 9:48 pm

3 Answers from Attorneys
Gregory Napier Troutman & Napier, PLLC

Re: issolving corporation

It would be important for a Kentucky lawyer to look at any documents, should they exist, and determine exactly what business model they are operating. Then, steps can be taken in court to dissolve and liquidate or possibly find a third party who wishes to purchase her interest.

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Answered on 5/20/08, 12:15 pm
James Jenkins Jenkins Law Center PLC

Re: issolving corporation

Get an attorney in that county to represent your mother in a dissolution of partnership.

Good luck.

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Answered on 5/14/08, 12:23 am
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Re: issolving corporation

They may have had a de facto partnership or joint venture which can be legally dissolved. Or, if in fact they had a corporation, a court can order the business sold. Consult a KY attorney for specific advice as to how to dissolve this business. She cannot be kept in it against her will.

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Answered on 5/14/08, 9:51 am


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