Indiana  |  Business Law

Legal Question

Asked on: 8/26/13, 7:48 am

My current partner in the LLC we own together is threatening me. We are 50/50 partners and he has recently taken money from the account as "payment" for an event he did alone. This is not in the bylaws or verbally agreed upon. When I confronted him he basically said "I'm taking the money, Deal with it." He has since told me he plans on giving me a buyout offer which I will take under consideration. He then proceeded to tell me that if I did not agree to the terms and buyout amount he would expose my "dirt" (I have none) and take the company outright. What should I do? I have only been a legitimate owner for 6 months under law, due to us not knowing what we were doing in the beginning and starting off as a sole proprietorship in Ohio. We recently signed documentation making us 50/50 shareholders in an LLC. I have built the business with 50% work and 50% profits to what it is now, and don't want to leave with nothing.

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