Legal Question in Business Law in Colorado

LLC buyout questions

I am a 1/3 owner of a 3 member LLC, and wish to get out of the business I helped build. The other two want to continue without me, possibly bringing in another to fill my spot, or just keeping the business between them. I feel I am entitled to 1/3 of all the LLC’s assets, as well as a portion of the future gains, because the others will be moving forward based on all the help I’ve contributed to get them there. I have a feeling that the other two owners do not want to give me what is fair, and I am requesting that if we do not come to an agreement, we should liquidate the business and then they can start over without my help. Can I force liquidation? Can the other two owners prevent me from getting a cut of the future income? They wouldn’t be where they are without me!!! Thank you for your time and consideration!

Asked on 1/24/07, 10:51 am

2 Answers from Attorneys

Eric Fisher Law Office of Eric A. Fisher. LLC
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Re: LLC buyout questions

You should have signed an Operating Agreement when the business was formed that spells out the steps for selling your interest. If not, you have rights as a minority member that are enforceable in court, usually through liquidation.

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Answered on 1/24/07, 11:31 am
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Re: LLC buyout questions

I am a lawyer in Colorado Springs. Before being able to answer your questions, I would need more information. Please contact me at 719.388.8899.

Tim Priebe

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Answered on 1/24/07, 11:56 am

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