Legal Question in Business Law in Florida

LLC Walk Out

I have a partner who is 40% owner of our LLC and yesterday she walked out on the company. She is expecting her investment back, but is not giving us any notice. Can someone leave a LLC with one days notice? According to our agreement, she is supposed to give 30 days notice and it must be on the last day of the month. Is she supposed to stay at work during that time, and if she is and doesn't come in to work, can we hold her liable for the monies lost because of her absence

Asked on 2/09/08, 12:27 pm

1 Answer from Attorneys

Osvaldo F. Torres Torres Law, P.A.

Re: LLC Walk Out

A proper response will depend upon what your LLC operating agreement states and, absent clear guidance, what the statute then would provide. Generally, there is no requirement that a member be bought out if they stop "working" for the LLC. Keep in mind that there is a distinction between being an owner ("member") and a manager/worker/employee. It would be helpful to know if your LLC is a member managed or manager managed LLC.

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Answered on 2/09/08, 1:00 pm

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