Legal Question in Business Law in Oklahoma

I started a business with a friend of mine four years ago. The business is an LLC that is registered in my name. We had a falling out several years ago and my friend is still running the business in my name to this date. What rights do I have to the business? Am I entitled to a share of the profit made over the past four years or do i just need to get my name off of it asap?


Asked on 11/25/11, 10:15 pm

1 Answer from Attorneys
Marsha Dixon

An LLC is governed by an Operating Agreement. If no Operating Agreement was executed and no partnership and or other written agreements exists between you and the friend, including rights to have acces to your bank account, your LLC should have be legally recognized and registered as a Single Member LLC and you have all the rights to the profits, ownership and control of the business as the owner of record.

As such, legal action can be taken against your friend for operating your business under false pretense and you are entitled to all of the profits, flow through income or capital gains..

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Answered on 11/26/11, 12:46 am


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