What are my legal rights of a DBA name sale

[Bb1210]

Hey, I am wondering what my legal rights are. I own 25% of a company. Said company has a DBA in another name. May question is, if the DBA name specifically , was sold , am I entitled to 25% of that sale?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CareCPA]

What does your Operating Agreement say?

 

[Merging Left]

So the company wasn't sold? Just the name itself?

 

[Bb1210]

So the company wasn't sold? Just the name itself?

Correct

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Bb1210]

What does your Operating Agreement say?

Didnt really have anything official like that .. simply I had 25% and he the rest. We had been in a personal realationship for ten years and part owners of this business for eight, never really thought to cover my a$$. All I know is tax time came I was responsible for 25%.. but a few months ago we sold the DBA name for an amount and I’m wondering if I am entitled to part of the sale even though the orinal business and name are still entact

 

[Merging Left]

Did he pocket the money from the sale of the DBA, or does it remain within the business?

 

[Bb1210]

Did he pocket the money from the sale of the DBA, or does it remain within the business?

Business

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kid]

It might be a revenue on selling Intellectual Property (IP). Not sure if DBA counts as one.
But if you don't have Operating Agreement or anything else then your partners word
that you have 25% of company then it would be tough to force business to pay you your share.
(Read: impossible or not worth pursuing in court).

Idea would be to talk gently with your partner about it.

 

[Bb1210]

It might be a revenue on selling Intellectual Property (IP). Not sure if DBA counts as one.
But if you don't have Operating Agreement or anything else then your partners word
that you have 25% of company then it would be tough to force business to pay you your share.
(Read: impossible or not worth pursuing in court).

Idea would be to talk gently with your partner about it.

Thank you

 

[Merging Left]

Business

If the proceeds from the sale of the DBA IP are currently held in the business that you own 25% of, I'd think that you would be entitled to 25% of them should they be distributed to the owners. As others have said, review your operating agreement and talk with a lawyer if you feel the need.

You own 25% of a business. That means you own 25% of the businesses assets and liabilities. The cash collected from the sale of the DBA is an asset. It sounds pretty cut-and-dry to me, but I'm not a lawyer

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Bb1210]

Than

If the proceeds from the sale of the DBA IP are currently held in the business that you own 25% of, I'd think that you would be entitled to 25% of them should they be distributed to the owners. As others have said, review your operating agreement and talk with a lawyer if you feel the need.

You own 25% of a business. That means you own 25% of the businesses assets and liabilities. The cash collected from the sale of the DBA is an asset. It sounds pretty cut-and-dry to me, but I'm not a lawyer

thank you