My partner and I created our own LLC together, and it has not worked out between us. The business has grown and is just starting to become profitable. However, due to us not being able to see eye to eye we agreed it would be best for a buyout and for my partner to become 100% the owner. We are not agreeing to a number, and now she is shutting me out completely with no buyout. To be honest the only documentation we have of the business is on Sunbiz with both our names on it. I am not sure how to proceed with this and would love some advice
1 Answer from Attorneys
If you are a member of the LLC the other member cannot just shut you out of the business with no consequences and there may be many ways to show you were part of the LLC. For example, it is taxed as a partnership so you would have your K-1s and copies of the 1065. You may have an operating agreement, emails, paper trails of your activity with the LLC, etc. that all can be used to show you have an interest in the entity. Further, is the other member really going to lie to a court in such a case when it can be easily proven? Likely not.
Before you take any action here, I suggest that you consult with a lawyer in private and discuss your best course in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.
If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.
Our firm is now referred by the American Bar Association (see under the New York section): http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html
DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.
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