Legal Question in Business Law in Oklahoma
limited liability company
Iam a partner in a LLC.my partner has died..do I have to dissolve the LLC or can I continue to do business under the LLC with a new partner..if I have to do a dissolution of partnership can I do it with a form I can get over the internet....I have gas royalties coming into this LLC..and would like to continue without having new division orders drawn up and my new partner would be a relative in which we would have another new business ..thus saving me the cost of forming another LLC........thank you
2 Answers from Attorneys
Re: limited liability company
You are going to have to look to the Operating Agreement that governs your LLC. It is not like a general partnership where the death of a partner forces dissolution.
Re: limited liability company
What occurs upon the death of a member of an LLC is usually set out in your organizational documents. It could mean a dissolution or it could mean that the executor/heir will receive rights of an assignee to share in distributions but not participate in the LLC. The issue of division orders will depend on the above.
Related Questions & Answers
-
Cy pres What is a cy pres action that would be filed in a district court? Asked 7/17/03, 9:51 am in United States Oklahoma Business Law
-
Business agreements I have quit my job and started my own company. My former... Asked 6/13/03, 11:15 pm in United States Oklahoma Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
