Legal Question in Business Law in Virginia

Re: Llc

Why not? Is there a reason that concerns you? What is the hesitation you have?

First, however, you must study the LLC operating agreement and any other paperwork very carefully. You say "LLC" in the subject heading, so I assume you mean an LLC instead of a pure partnership.

Second, there could be an argument that he has a fiduciary duty to both partners to give them an opportunity to buy, and if both partners want to buy, then perhaps he should sell 10% to one and 10% to the other.

A "right of first refusal" should be defined in the LLC operating agreement, if it was done right.

But even without it being in the operating agreement, one could make an argument that it is part of the general fiduciary duty. BUT THAT WOULD BE A CREATIVE argument and I am not guaranteeing it would work.

Third, implementing such a transaction with an LLC or partnership is more difficult than with a corporation, and writing it up may be a bit tricky.