Legal Question in Family Law in Kentucky

My father is selling his business. It is a business named with our last name & Son, Inc. I have worked for this company for 19 years and am not going to be retained by the purchasing company. Do I have any legal rights toward a share of the money made from selling this business? This puts me in a huge bind as I have always believed the company would always continue and would be passed on by sale or inheritance to me. My father has not told me yet of this sale, it's happening behind my back. If I would have any legal rights at all, I would certainly appreciate your advice.

Thank you,

Chris


Asked on 6/22/11, 11:07 am

2 Answers from Attorneys
Andrea Welker Welker Law Office

You won't have any legal rights to the business unless you were an owner/partner/shareholder/etc., of the business, or some other agreement existed to assign you rights to the business. If you were merely an employee of the business, unfortunately, all you will get are unemployment benefits.

Read more
Answered on 6/22/11, 6:48 pm
Gregory Napier Troutman & Napier, PLLC

Just being the son of "& Son" does not create any ownership interest.

Read more
Answered on 6/23/11, 8:32 am


Related Questions & Answers

More Family Law, Divorce, Child Custody and Adoption questions and answers in Kentucky