Family Business Ownership Rights

Summary

In Ohio, business ownership rights can vary based on the business structure. If its a corporation, shares can be transferred; if a partnership, a new agreement may be needed. Without a will, intestacy laws apply. The owner can sell the business, but long-term involvement may grant some rights. In a divorce, marital property is divided equitably, considering factors like acquisition during marriage and contributions by both spouses. Consult a local attorney for specific advice.

Full Conversation

We have a family business. The owner (dad) is wanting to divide up the business to employees. My husband and i (his son and daughter in law) run the business and have worked here over *+ years.
Hello ****, to help guide you better, could you please provide me with your location? The law regarding business ownership distribution may vary depending on jurisdiction.
What legal right do we have to the business at all.
Hello ****, as you're asking about business ownership rights, it's crucial to know your location as laws can vary. Could you please provide it?
Circleville, oh
In Ohio, it's important to consider:
- If the business is a corporation, shares can be transferred.
- If it's a partnership, a new agreement may be required.
- If your father doesn't have a will, intestacy laws may apply.
Consider consulting with a local attorney.
Can he sell it out from under us?
In Ohio, if your father owns the business, he can legally sell it. But, rights may exist due to your long-term involvement. Consult an attorney for specifics.
Next question: that same owner might be getting a divorce. What happens to the business then?
In Ohio, marital property is divided equitably in a divorce. These factors could influence the outcome:
- If the business was acquired during the marriage
- Contributions made to the business by both spouses
- The financial situation of each spouse
A local attorney can provide more specific advice.
Thanks
You're welcome, ****! If you have any other questions or need further clarification on any legal matter, feel free to ask. We're here to help!