Legal Question in Business Law in Texas

Can a majority owner dictate how I sell my shares even if there is no operating agreement in LLC..t

He wants some. And person I sell to only a few shares

Asked on 3/09/13, 9:52 am

1 Answer from Attorneys

Dipo Akin-Deko Akin-Deko Professional Services Firm PLLC

If there is no partnership agreement AND there is no agreement has been entered into concerning the sharing of equity/shares, then a company should rely on the state partnership or corporation act. For LLC's with more than one member the local/state laws generally resemble the Uniform Partnership Act. For more detail concerning how the UPA or Texas business law may apply to your situation, I would recommend having a consultation with an attorney who practices business law. Your situation may have nuances that might implicate one or more aspects of business law; therefore it is very difficult to give a proper answer without going into the specifics of your situation which would require a consultation.

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Answered on 3/10/13, 2:36 pm

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