Legal Question in Business Law in Oklahoma

Firing An Owner

Company in OK started off in 2005. Organized as a LLC in early 2006. With Bob owning 90% and myself 10%. Bob is the money man, i was the manager. There wasn't anything as far as paperwork goes other then our filling out the LLC filings. That is where my 10% ownership and position as manager is recorded. There was no contract or agreements.

Early 2007 David buys 40% of company from Bob and asuumes position as manager with me as assistant-manager. Nothing was ever filed, regarding this ownership change.

The company is starting to make money. I understand that if Bob and David want me fired, then i lose my job.

But can they force me to sell out when the company is 'in the red' and stick me with debt instead of compensation ?


Asked on 5/23/07, 9:22 pm

1 Answer from Attorneys
Steve Chlouber Fuller, Chlouber & Frizzell, L.L.P.

Re: Firing An Owner

You can be fired, but your ownership interest remains less there is a procedure in the operating agreement to buy your interest such as a buy-sell agreement. You also may want to look at the agreement and make sure that the other member cannot dilute your interest my adding more units.

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Answered on 5/24/07, 10:46 am


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