If I personally wrote a check for my half of a building that my partner and I put our business in, can she tell me who I can or can’t sell my half of the building to?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I personally wrote a check for my half of a building that my partner and I put our business in, can she tell me who I can or can’t sell my half of the building to?

Asked on May 28, 2015 under Business Law, South Dakota

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

The issue isn't who wrote the check--it's who owns the building.

If you own it solely, you can decide what to do. If she owns it solely, you have no say. If you both own it, you have to agree on what to do, or else you can bring a legal action seeking a court order for "partition"--that is, when the owners of a property cannot decide on what to do, the court can order the building sold and the proceeds divided between them. If the business owns it (that is, if the business is LLC or corporation and the LLC or corp. is the building's owner), then the business decides what to do with it. That means you then have to look to ownership interests in the business, it's governance (e.g. operating documents), etc. to see who can make the decision as to what the business should do.

So title, not who provided the money, is the key issue here.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption