Legal Question in Business Law in Oregon

LLC and 1 partner wants out

Hello, we are a 2 person (well actually 3) LLC and opened our store in December. Now one of the partners (actually 2 (husband and wife)) wants out as they say ''it's more work than they thought''

I do not want to close the store. What are my options? Do I have to agree? If I don't agree, being 50% owner, can they close the store on me?

Thank you in advance for your consideration in this matter.

I hope to hear from someone soon.


Asked on 6/19/06, 12:17 pm

1 Answer from Attorneys
Michael Zusman Evans & Zusman, P.C.

Re: LLC and 1 partner wants out

Much depends on the language of your operating agreement, if you have one. Also, was there anything called a "buy-sell agreement"? That could be critically important too.

Even without these agreements, which are intended to govern what happens when a member wants to leave, the doors don't necessarily have to close to pay off the departing member who decides to go all of a sudden. Statutory rights may also assist you.

Feel free to contact me further if you wish.

Very truly yours,

Michael C. Zusman

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Answered on 6/19/06, 1:12 pm


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