2007-07-25 09:55:27 · 4 answers · asked by Carla T 1 in Business & Finance ➔ Small Business
Review the Bylaws or any other operating agreements. Many agreements (for privately held companies) have transfer restrictions that may require consent from the other owners to transfer shares. Also, you should check for any buy-sell agreements (for more info on buy-sell agreements see http://en.wikipedia.org/wiki/Buy-sell_agreement)
If there are not any restrictions on the ownership interest, then the heir can do as he/she pleases.
If there are restrictions, the heir may not have the right to do as he/she pleases as the agreements will be legally-binding.
2007-07-25 10:23:52 · answer #1 · answered by Fawntel R 2 · 0⤊ 0⤋
Yes- if they are the heir it becomes theirs and they can do with it as they please (same rights as the partner had). If you want the share I'd suggest you contact the heir and try to buy it.
2007-07-25 09:59:27 · answer #2 · answered by Slumlord 7 · 0⤊ 1⤋
Assuming your partner is deceased? And there is no contractual agreement otherwies? Yes.
2007-07-25 09:59:00 · answer #3 · answered by livemoreamply 5 · 1⤊ 0⤋
Yes-they can sell to anyone they wish.
2007-07-25 09:58:29 · answer #4 · answered by Anonymous · 0⤊ 1⤋