Corporate Law value if any of partnership

[tpadula]

my husband's mother passed approx. 5 mos ago. he is the executor of her estate. today we received a package addressed to his mother - a request for her vote in a matter. the package included a profit/loss stmt as well as the formal resolution to use funds for investment, .... We didn't know she was involved in this partnership. our question mainly is - is it possible for an executor to cash out this investment/partnership if it is decided that the family does not want to continue participation? is that an involved process?

 

[jharris352]

Yes it is an involved process. Most likely your best bet is to either become a limited partner (letting the other partners run the partnership) or to ask them to buy you out. They will probably want to leave you as a limited partner (no management authority) but you should not take that without a cash payment of some amount. Valuation of the partnership should be done by an independent CPA if there is to be any talk of buyout.