More details to this question:
I currently own 2% of a sole proprietorship through a written private agreement and annual K1 filings. My parents own 49% each. In exchange for dismissal of debt and previous services completed, my mom has offered me 49% of her stake in the small business and 50% of her ownership of the office building in 10 years. What steps can I take to make this binding? This may or may not matter, but all of my parents assets are currently under a living trust.
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You would definitely want to memorialize this in a written agreement. In many cases adequate contracts can be drafted without the need of an attorney, but the scenario that you laid out has a degree of complexity. I would definitely recommend that you work with an attorney to prepare an agreement in this instance. This is the type of project that can be handled on a flat fee and would be relatively inexpensive.
Hope that helps.
Jon
Answered on Mar 01st, 2014 at 3:02 PM