What constitutes the valid transfer of a business?
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What constitutes the valid transfer of a business?
My family owns a grain store. Upon the death of my grandmother, there was no Will so everything was inherited by ther children. About 30 years ago, it was separated and each person got a share of their own property. However, 4 years prior, my uncle walked of the business and told my father that he could have it. My father owned the building and business in his own name since then. Does my uncle have rights now to any property or money? His son keeps saying to my father that he still has a partner. His son wants money he says from his father’s share. They did work the buisness and both sign checks until my uncle left 34 years ago. Is there a statute of limitations?
Asked on February 1, 2013 under Business Law, Massachusetts
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If title to the land that the business sits on is in the name of your father and the business itself is a sole proprietorship owned by your father, then such is your father's under the laws of all states in this country. What the uncle did 34 years ago by giving up any interest in the business to your father bars any claim that the uncle's son may have to it. Any claims would be long barred by your state's statute of limitations on the matter.
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