Legal Question in Business Law in New Jersey

Dissolution of a Family Owned Corporation

a family owned S corp in NJ which consists of several properties is being dissolved. I have lived with my family in one of the properties in the corp. for 40 years. My sister lives in another. Both are rent free,as has been the case for over 40 years. All other properties rent income goes into the corporation, to be divided equally upon dissolution. I made several renovations including an addition and inground pool which was paid for with my personal money. It was always verbally aggreed to, that upon dissolution the cost of such renovations would be taken off the other shareholders amount, and I have the option to buy the house personally. Now my sister (a shareholder) has passed away and her children now contol her shares. They want the properties to be split equally. If I have the reciepts to prove the exact money I spent, do I have a case to take them to court? If so for the cost of the renovation, or for the added value to the property from such improvements??


Asked on 4/03/07, 2:20 pm

1 Answer from Attorneys
florence hessen florence f. hessen,esq

Re: Dissolution of a Family Owned Corporation

Hi:

Depending on what documents are in writing will mostly determine your rights. However, if you have the receipts and you want to pursue this matter I suggest that you retain counsel.

Good Luck

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Answered on 4/06/07, 3:50 pm


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