Legal Question in Business Law in Indiana

Llc withdrawals or bad separation of partner

I bought 40% of an llc company ,to become the key worker,the other 60% partner does not recieve a paycheck.I do all the work.made the buisiness very

profitable other partner verbally promises to make me

a 50% partner.We even started doing 50/50 partner draws on the profits.When other partner is reminded lets go see the attorney,he replies the attorney has been contacted to update our corporate papers.Then later he replies the attorney is still working on it.

Then the final time I ask him he replies I never said

I would let you become a 50/50 partner. So he lied

I got mad and left the buisiness w/my personal tools and manuals. with no contact with the partner.

what do I need to do legally?


Asked on 2/21/02, 8:58 pm

1 Answer from Attorneys
Ralph Tambasco Tambasco & Associates,P.C. Attornenys at Law

Re: Llc withdrawals or bad separation of partner

While I can understand your disappointment, be careful of just walking a way. You may have a contractual obligation which still exists which if not honored could subject you to liability based of breach of contract. This is not the same situation as walking off a job. If you wish to terminate the business relationship, the agreement should be reviewed to determine if there exists any provisions for this. You may wish to approach your business partner either directly or through an attorney to either resolve the issue of partnership, i.e. 40/60 vs 50/50 or the dissolution of it. Part of the issue with the verbal promise may be the time frame in which this was to happen as well as other terms. However, at this point your business partner is denying any such discussions and as a result there may not be much hope for enforcement of this. You both did have a previous meeting of the minds and settled on the 40/60 interest.

Read more
Answered on 2/23/02, 11:08 am


Related Questions & Answers

More Business Law questions and answers in Indiana