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[jwygo]

I didn't see this option listed in the various posts so here is another look at things.  This is strictly based on the language of the agreement and not on any "soft" critera like sibling love and the need to keep the family righteous.

I'm involved in several partnerships and all are dictated by an operating agreement or other document identifying how decisions are made.  That is the first document to look at.  If there is a decision criteria, you must do what it says.  If it says a decision can be made by "a majority of the partners" then you and your agreeing brother can do whatever you want.  If it says "all partners must agree" then that's self explanatory.   I'm assuming all three of you have 33-1/3 percent ownership (equal shares). 

If there is no operating agreement, and there is nothing else written, then your state will have specific legal criteria pertaining to the type of partnership:  limited partnership, limited liability corp, personal partnerships, etc.  You need to know what type of partnership agreement you have. 

Operating agreements or partnership formation papers also identify a 'managing partner" or "manager" or no one.  If no one, then all partners have a voice based on their percentage of the partnership.  This person can have a bit more say in the day to day operations.  But there is usually a limitation on what decisions are considered day to day operatiions.   

There will also be buyout  or dissolution criteria listed in most partnerships agreements. 

[Hoist!]

HeHe!!! It's just a lil ole studio that the 3 of us went in 1/3 apiece, so our mom would have a place to live for free til she died. No, not a business, not an inheritance, no predisposed partnership terms. Just 3 brothers buying a home for their mom. Never an issue til she passed. Then only offered an ultimatum from 1 brother to get out of it. So, that explains what led to this thread in the first place.

Now to where it stands today. After letting him stew with his emotions, I contacted him today to discuss our options. Gotta tell ya, it took a few calls, and a few hangups to get to that point. The last thing my other brother (the one who was in agreement with me) and I wanted was to ruin the relationship between the 3 of us over this. It's sure NOT what mom would have wanted either. So I finally got him calmed down to the point where we were able to discuss it rationally again. And I'm happy to report that we were able to reach an agreement as to the disposition, and to forget all this other BS ever happened. We're gonna sink about 6 grand into the place, TOGETHER, and list it for 30 grand more than we would have if we'd spent nothing on it and tried selling it as is. We'll all be equal 1/3 partners and split the proceeds the same way. I'm glad it's over and we'll be moving forward together as brothers again!

Thanks for everyone's input, ideas, and recommendations. I love that we can all come here to ask for advice on ANY subject, and get heartfelt, excellent information back. Only people that care would ever offer that. So I thank you all for caring. I just LOVE this place and all of youze here!!! This place RULES!!!

Hoist!