Legal Question in Business Law in Ohio
LLC membership rights
I am a member of an LLC that had a managing member and two other members one of whom is myself. the managing member died. His wife assumed his role as a member and she has had the signatory control of the LLC's bank account. Are management membership rights inherited or is it only the right to financial remuneration?
1 Answer from Attorneys
Re: LLC membership rights
The right of an executor to exercise the rights of a deceased Member is controlled by Statute and case law, and may be affected by the operating agreement or a buy sell agreement. The rights to control who is the managing member is controlled by the Operating Agreement and/or Statute.
Who is a signor on a bank account is affected by the account documents and the company documents.
You should have your attorney review the facts and Operating Agreement.
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