Legal Question in Business Law in Illinois

Still stuck in a DE LLC after lay-off?

My former company formed an LLC (I have a 10% interest) in order to acquire a group of less than 10 consultants, of which I was one. The Purpose is ''all authorized activities under the DE LLC Act.'' The CEO holds a .01% interest and is the Manager. ''The Company will be managed by the Mgr,'' and the Company ''shall exist in perpetuity unless terminated by the Mgr.'' The parent company paid us 25% of our 'salary' from the parent account (and withheld taxes) and paid us 75% of our 'salary' in monthly 'deal payments,' checks written from the LLC account. The money for those checks was seemingly the only asset of the LLC. Every member of the group has been laid off (except the CEO/Mgr), and the LLC has not yet been dissolved. I have inquired as to the progress on the dissolution, and am not satisfied with the responses. The Operating Agreement is otherwise silent regarding dissolution or dissociation. I want out. Am I stuck, or can I get out? Thanks.


Asked on 4/09/09, 2:01 pm

2 Answers from Attorneys
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: Still stuck in a DE LLC after lay-off?

You should post this in the Delaware forum rather than the Illinois forum.

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Answered on 4/09/09, 2:03 pm
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: Still stuck in a DE LLC after lay-off?

You should post this in the Delaware forum rather than the Illinois forum.

Read more
Answered on 4/09/09, 2:03 pm


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