Legal Question in Business Law in Utah

The only thing that might change the distribution is a Priority Distribution to each Parent of up to $1000 monthly before distribution paid to other partners (Father deceased 4 years). To the extent of available funds after operating costs. Would this change the distribution or just revert to a distribution post sale of the % contributed and owned by each partner?


Asked on 1/24/14, 5:06 pm

1 Answer from Attorneys
Randy Lish Randy M. Lish, Attorney at Law

Any distributions would be based on the operating agreement. I would need to review the agreement to see what was supposed to be done when father died, what is supposed to be done now, and what is allowed as far as distributions. The key to the whole issue is what the agreement says. If the agreement says it is supposed to revert, that is what is supposed to be done. If the agreement is silent, then we would have to look at past practice, and try to interpret what the agreement intended.

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Answered on 1/27/14, 12:13 pm


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