Business and Partnership Issues

Family Business Succession

If a person dies while active in the operation of a family business, professional partnership or LLC, many issues concerning management succession, equity transfers, liability for business indebtedness, or even employment matters can complicate the probate of the decedent's estate. If you are an heir or personal representative responsible for the administration of an estate with active business interests, contact an experienced probate lawyer at Barron, Rosenberg, Mayoras & Mayoras, P.C., in Troy.

Our attorneys represent heirs, devisees, personal representatives and trustees in the resolution of probate matters involving business assets, equity positions and management succession problems. We can also represent closely held corporations, partnerships, and other business entities who are sued in probate court by the personal representative or heirs of an estate. We can help you resolve such situations as the following:

• Conflicts between the terms of a will and those of a buy-sell agreement or other business contract
• Determination of business asset or equity transfers by contract to see if they can be recovered for the benefit of the decedent's estate
• Interpretation and enforcement of buy-sell agreements, management succession agreements, and other business contracts that affect the heirs
• Valuation, liquidation, and distribution of partnership or corporate equity interests when they are included as part of the estate
• Resolution of problems when business interests are held in trust rather than as part of the estate
• Assertion or defense of contract or tort claims involving a business in which the decedent had a controlling or significant interest
• Resolution of management succession or employment problems in a family business
• Injunctions and other equitable relief to preserve the business status quo pending the determination of opposing claims in probate court

At Barron, Rosenberg, Mayoras & Mayoras, P.C., our lawyers have experience with business and commercial litigation of all kinds. Together with our probate litigation practice, this background helps us understand the legal and practical dimensions of the transition a business must make upon the death of a principal. To learn more about our ability to help resolve your business ownership or management succession problem in probate court, contact one of our attorneys in Troy.