Legal Question in Business Law in Texas

forced to sell??

I'm in a LLC 50 % owner of a salon. My business partner also owns 50% SEVERAL months ago I offered to buy her out for $15,000. She refused. Recently she offered to buy me out for $17,000. Since my offer the shop has obtained 6 new stylists who pay a weekly lease. Therefore,the salon is making $480.00 more per week than it did when I offered $15,000. Thus in turn I feel that the shop vaule and goodwill has gone up. Last week I recieved a letter from her atty. threatening to take me to court if I don't accept her offer. the letter also stated the the shop could go up for sale. I sent a reply - I wrote that I requested a unbiased 3rd party too come in and liquidate fairly. I know we both lose this way. I know she does not want me to have the shop. I have made it clear to her That I will sell @ a fair price. She won't speak to me , instead she put in in a negative light by telling her atty. things that are not true. how can I deal with her?

Another thing the company checking acct.(requires 2 signitures)THe acct.has over $12,0000. I believe that she thinks this is her money. She will not let me have a cent out of it.I have never dealt with this type of person.Advice neede for both concerns!!


Asked on 1/02/06, 10:35 am

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: forced to sell??

How you deal with that shoould be set out in the Operating Agreement for the LLC. In any event, you are going to need legal counsel along the way, to hopefully avoid a lawsuit.

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Answered on 1/02/06, 11:43 am


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