Legal Question in Business Law in Massachusetts

Laws concerning an LLC

My husband has owned a website for over 7 years now. He was approached by a friend 6 months ago saying he would like to contribute a large amount of $ to make it a large business (for free) My husband felt odd accepting $ without offering him a partnership. So they got the LLC and my husband without a dime gave him 49% and himself 51%. He has yet to get any large sum of money but the guy has been working for the site getting more advertising for it. He recently got upset and asked for a buy out . then changed his mind. My husband told himhe wants to change the % on the LLC to 75%

& 25% and he said no. now we just want him out. what do we do? does he own 49% of the business if he's on the LLC as that or is there more to it? What can my husband do to get him out of the business? And no the website doesn't make that much money. maybe 15,000 per year Please help!! I don't want my not so savvy hubby screwed!!


Asked on 3/22/09, 10:13 am

2 Answers from Attorneys
JOHN TATOIAN LAW OFFICE OF JOHN A. TATOIAN ESQ.*Licensed Only in Massachusetts

Re: Laws concerning an LLC

Your situation is governed by the terms and conditions of any and all agreements, oral or written, that your husband had with the other party. Please feel free to contact my office for a free initial consult/review based upon the facts of your specific situation.;))

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Answered on 3/24/09, 4:01 pm

Re: Laws concerning an LLC

If the 49% ws based on a contribution of a certain amount of money and it can be documented, your husband can get rid of the friend.

Your husband needs to consult with an attorney now and see what his options are.

He can contact me without obligation in my office or by email.

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Answered on 3/22/09, 6:58 pm


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