Legal Question in Business Law in Texas
I started an LLC with two other partners. To date I have done all the paperwork, filing of documents, all applications and organization of the companies infrastructure and the only one who has contributed any cash to the organization. Now that bills are due and its time for the other partners to put in their money, they don't have any money to put in. In fact, one partner verbally stated in front of witnesses that she wants out and wants her name off everything, which I am happy with. Question, can I force the other two partners to resign since they have contributed zero money, time effort, ideas, or anything else? The options to close the company and start again is not an option since the process to get state licensing is a 6 to 8 month process and the delay would cost a lot on money.
1 Answer from Attorneys
Ask them to assign their stock to you and get them to sign a release of all claims for the assets. Tell them you will take care of the bills if they release the claims they have for an interest in the company aqs consideration for their assignment. Go on Nolo and get a form
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