Legal Question in Business Law in Virginia
llc
I form an llc and me and my sister-in law are the members but I changed and add 3 new members and removed my sister in law without an ammendment, is the new operating agreement legitimate ?
Asked on 2/10/09, 10:52 pm
1 Answer from Attorneys
Jonathon Moseley
Moseley & Associates Law Firm
Re: llc
You have provided very little detail, but if I understand you correctly, NO, it is not valid.
To change the members of a partnership or LLC or standard corporation requires you to go through a particular process. You cannot just change them with the stroke of a pen. They have rights. They are the owners. So they would have to sell or surrender their rights.
The operating agreement can probably continue, but you have to document how each person changed and why. And they must AGREE to the change, because they have rights like owners.
Answered on 2/10/09, 11:19 pm
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