Q: Can a sale be forced on pardners if 3 partners own 54.4% .
I belong to a bow club that owns 120 Acres. There are 16 plus partners that have all privileges. Myself, my son and one other member own 54.4% and pay 54.4% of the taxes.
I assume the partnership is incorporated under Michigan law?
How is the property titled? In the name of individuals or the name of the partnership?
What does the partnership agreement say about selling assets?
Does it require a simple majority or a super-majority?
Are there methods in the agreement to resolve disagreements through elections/buyouts or other procedures?
In short, there is no 'one answer' to this and it actually raises more questions than answers --- it all depends on how the organization was created and organized. Your ANSWER is to take all the formation documents and agreements to an attorney and have that licensed attorney review it based on the law of the state where the corporation is organized. Looking for 'general information' on line is not going to lead to any useful conclusions in your case.
You need specific legal advice and the way to get that is to retain the services of a local licensed attorney. Good luck!
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