Replacing the CEO
Other than buying out the CEO of an LLC who owns the majority of the stock, how can he be replaced?
Asked on 4/03/03, 8:27 am
3 Answers from Attorneys
Re: Replacing the CEO
Generally, the rules governing the appointment and/or removal of officers are stated in the Regulations of the LLC. However, look also in the Articles of Organization as well.
Answered on 4/03/03, 8:53 am
Lawrence Maun
Lawrence J. Maun, P.C.
Re: Replacing the CEO
Unless you cna demonstrate the officer is guilty of malfeasance, dishonesty, fraud, etc. you will have difficulty. Incompetence probably won't do it. In any event it will probably take litigation as he is in control. Larry Maun 713.266.2560
Answered on 4/03/03, 9:17 am
Peter Bradie
Bradie, Bradie & Bradie
Re: Replacing the CEO
If there is no mechanism for replacement in the Operating Agreement for the LLC, you'll have to sue to have the CEO removed for some misfeasance or malfeasance. Simple bad judgment is not sufficient.
Answered on 4/03/03, 1:25 pm
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