If a new partner was added to an LLC and changes were made to a restricted unit agreement between LLC and the new partner (favorable to the new partner), do changes also apply to existing partners? Or do existing partners need to initiate new/revised agreement?
1 Answer from Attorneys
Generally speaking, the terms of a restricted unit agreement between one member does not necessirly impute to the agreements of other members of the LLC. With that said, however, the other members may have the power to reject such an agreement if authorized so by the operating agreement of the LLC and / or by the restrict unit agreements of the other members.
The bottom line is that the operating agreement would need to be reviewed to have an understanding whether the LLC was authorize to issue the agreement at issue.
Such a review is not costly and should only take a couple of hours (this would include a consultation). Contact me directly.
Roman R. Fichman, Esq.
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