My Parent’s left the business to my brother and I but not 50/50, who is in control?

My parents left 60 to my brother and 40 to me, they also left their house as part of the business. Who gets what and who controls what? Who gets to live in the house if it’s part of the business, the business is run out of the house. Does 60 control the business and what am i responsible for with only owning 40?

Asked on June 28, 2017 under Business Law, New York


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Yes, the majority owner controls the business, so your brother, as a 60% owner, is in control. Your 40% means you get 40% of any profits, or 40% of the proceeds if the business were to be sold, but gives you no say over the business--not in the face of your brother's controlling interest. Since he controls the business, he also controls the business's assets, or anything it owns, which includes the house if it is owned by the business. In that event, he could decide who gets to live in or otherwise occupy the house.

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 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.