My Father passed away Jan. 03,2009 He and another Family Member were Partners in a Propane Company ( S Corporation) He left his part to be divided 3 way My Sister, Step Mother, and Myself. My Cousins Husband (The other Partner) says he has 51% and Dad had 49% Although we have been shown nothing to this effect I think he is correct. While my father was in the hospital he told me that they would be getting a big bonus and that he share would go to me,sister, &step mom, After he passed away the other partner said that they (He & dad) had decided not to do that any more & that the Company would not make a profit so we would not be getting anything from the company. About 3 weeks later he wanted to have some paving done & I told him if the Company wasn't making money we shouln't waste money on paving. About 3 more weeks went by and I was fired. I have offered to sell him my part and he says he does not want to buy it because he only needs 51 % to do what he wants to at the Company. Is there anything I can do to make him buy my part or sell the company and each person get their part. My sister also wants to sell. What other rights do we have. We are in the United states, State of Alabama.
PLEASE HELP!! Thanks

First, has your father's estate been probated? If not, upon what do you base your statement that "[h]e left his part to be divided 3 way [your] Sister, Step Mother, and [you]"?

Once you get that part sorted out, you, or probably your father's executor, would have a right to demand to see the corporate books. Do that and determine what condition the company really is in.

If your husband's "partner" is mismanaging the company you can bring an action against him for damages. You might also want to petition that the company be dissolved.

The will is in probate now. I have a copy of the will that states everything is to be split 3 ways.

The executor is the business partner that I was speaking of that claims the business is not making any money he has been asked to step down because we believe there is a conflict of interest.

Also does he have the right to give himself a raise at anytime. (add my fathers salary to his which doubles his pay)

Thank you for your reply.

Yes, I agree. It looks like a conflict of interest.

Have you asked to see the books? Because an executor who had no conflict of interest should have no problem looking at the books in your behalf, or bring you along when he looked at the books.

As far as giving himself a raise, are there members of the board of directors, other than him, who would be responsible for this raise?