Nevada  |  Business Law

Legal Question

Asked on: 7/20/09, 7:47 pm

Llc laws

I have an Llc with 2 other partners. I am 51% owner and they are at 24.5% each. Per our operating agreement I am to receive a salary for acting as manager. My partners own a real estate company and we rented space from the company. There were months were I didn't take my salary because there wasn't enough money to pay it. In return there were months where we didn't pay rent on 1 of the locations we were in, which he said was fine. We were about to close the company when someone offered to purchase it from us. When this happened he brought up all this back rent that needs to be paid. My question is can I bring up my salary which wasn't paid? In which order would these be paid? The amount is about the same. I proposed that we split the pay and both take loses on what we are owed to get something for which we were going to close. He says we can't because he can't write off the lose without putting the Llc into bankruptcy. Please help me understand the law. I need to know in which order is debt paid? Does salaries come before creditors or how does it work. Thank you for your time and could you refer a good lawyer who knows Llc law and bankruptcy law for me. Thank you.

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