Legal Question in Business Law in Texas

Corporation

I have run a company with a partner for 5+ years. He put his half in his wife's name. Recently they divorced. I wanted to split up the partnership (LLC) anyway. She wanted to give him her ownership and walk away. Our agreement states that ownership can not be sold/transferred without the approval of the other owner(s). I will not do that. They got divorced. The agreement in their divorce is that when we split up the assets of the company, she will sign her portion over to him. I think it is in my, and her, best interest to shut down the company and let him re-open using the same name, or the same DBA. He was going to get the name anyway. I have already formed my new company.

Is this the smartt approach? If his wife and I sign over the company to him, will we be exposed in any manner going forward.


Asked on 3/25/09, 9:56 am

2 Answers from Attorneys
David Leon David L. Leon, P.C.

Re: Corporation

You need to reread the LLC operating agreement. Also, you would need some sort of indemnity agreement if you're worried about liability.

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Answered on 3/25/09, 9:29 pm
Edgardo Baez The Baez Law Firm, P.C.

Re: Corporation

Because of the intricacy of the issues, I would rather have a consultation with you personally, and not in this forum.

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Answered on 3/25/09, 10:04 am


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