Legal Question in Business Law in Alabama

Re: dissolution assets

Alabama law permits the dissolution/termination of a business entity once the purpose of the formation of that entity has been accomplished. Was this painting and reproductions the sole purpose of the LLC?

Otherwise, Alabama law also allows each partner to sue for division and termination of an entity if the partners have gotten to the point of deadlock. I would suggest keeping lines of communication open and that you ask your partner to put his reasons for a termination in writing to you and let him know that you are undecided at this time but not opposed to discussions along these lines.

Did you give the LLC authority to duplicate the painting? has your business partner put up any monies to accomplish such endeavor if this was the original intentions for the LLC's formation?

What does your written agreement "say" as to your dissolution rights, etc.? Who is the named manager of the company? Who controls the prints and bank account? are two signatures required?

All these are extremely important Qs that you need to address. You need to contact a local Alabama attorney to protect your rights. In what county in Alabama is the LLC formed, which would typically be the location of your Alabama partner's business or home address. Let us know if we can be of further assistance, and hoping you a blessed week. Chip

Re: dissolution assets

If you are operating under Alabama law, I cannot give you an answer.