Legal Question in Real Estate Law in Maryland
real estate
i am evlove in a llc with 8 people without a partnership agreement,some of the partners want to be brought out of the agreement,what steps are needed to get this resolved?
2 Answers from Attorneys
Re: real estate
If you're in business with no written agreement and several people want out, then all parties should negotiate terms for the departure of those who want to leave. If the business has value, those who stay may end up paying those who depart. If liabilities exceed the value of the company, those who are departing may end up paying to avoid liability for debts incurred during the life of the existing partnership.
Re: real estate
The first question is whether to disolve the entity or to terminate interest(s) in the entity. There are separate processes for each. Also relevant are the assets held by and the debt structure of the entity. Contact an attorney for assistance.
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