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Thread: Tennessee - Family Partnership w/no agreement. One partner has complete control

  1. #1
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    Exclamation Tennessee - Family Partnership w/no agreement. One partner has complete control

    I was entered into a family partnership as a result of the death of my mother several years ago. Three partners, which includes myself, are suppose to be part of this partnership. The one partner, who has sole control, was also the executor of the estate. This has further complicated matters. While the court was involved this one partner was slow with paperwork, but did what was required. Now that the court is no longer involved, she has failed to provide proper financial information for over 2 years now. When the estate was closed and the final accounting accepted, we were suppose to close the current bank account and open a new one with all three partners name's appearing on the account. Since the court was no longer involved this one partner kept coming up with excuses as to why this could not be done. When we finally forced her to go to the bank they joined in and tried to tell us that with no signed agreement they could not have an account opened with all three of our signatures. I spoke to the corporate headquarters of this financial institution weeks later only to be told this was not accurate. However....

    Present Day:
    (1) Have no received a complete set of financials for past 2 years.
    (2) Found out that the partner in complete control has made several disbursements to the third partner and did not disclose this information to me.
    (3) I have not received my one/third share of any income from this property since last year. I am not really sure I have gotten my one/third then as I never have gotten complete financials.

    I have contacted an attorney and he indicated I need to file a petition/motion to force a complete accounting. To the tune of $1500. This is just the first step in what I believe to be a long road to attempting to get what I am rightfully due.

    I have no access to the funds from the company and barely have enough money to file this first set of paperwork, not to mention what will come later.

    I don't mind doing the research and filing the forms myself if someone can point me in the right direction. I had even considered finding an attorney to consult with for a fee to help me with the paperwork. The attorney I spoke to that quoted me this amount said he does not consult and would either do it all or none of it.

    What can I do. I did have the attorney do some research and write this partner a letter stating we were going to take action (Already cost me $300) and this did not even get so much as a response.

    I need help and do not mind helping myself, can someone just point me in the right direction.

    Thank you for any input.

  2. #2
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    With all due respect, if you say that you can do the research and file the forms yourself but you need to find where to even start looking for basic information (which is generally the easiest part of all), then you probably should bite the bullet and get legal counsel to handle it.

    There is nothing wrong with trying to handle a matter without counsel if you really know what you are doing, but there is a lot more to a case than filing forms.
    David K. Staub (www.illinoisbusinessattorney.com)
    Forum posts are not legal advice, are for informational and educational purposes only, and are not a substitute for proper consultation with legal counsel.

  3. #3
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    Where to start looking is at a law library. In my state, every county has one. The librarians should be helpful, there are form books you could start with.
    I am not an attorney, and don't play one on TV. Any information given is a description only and should be verified by your attorney.

  4. #4
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    Denni - maybe you could check the dates before you post and not respond to dead threads?
    The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

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