Legal Question in Business Law in Texas

- Texas\n\nI have an LLC in Texas with three members, the majority member made a capital contribution, the other two were to \'\'work full time\'\' in the company. One of the minority members has not done this - and actually hasn\'t done anything but be a sponge. We (the other two members) want the other one gone but we don\'t want to dissolve the LLC. We have an operating agreement that sets forth contributions required but doesn\'t specify what to do if the contribution isn\'t made, nor does the agreement set forth any other method to get rid of a member. It does say that the company can be dissolved by two members and then they can vote to continue the business - so would this be a method to get rid of our sponge? or does anyone have any other ideas?\n\n

Asked on 7/30/09, 11:10 am

1 Answer from Attorneys

Doug McCullough Phillips & Reiter

We would be happy to advise but would need to review the operating agreement.

Read more
Answered on 7/31/09, 3:37 pm

Related Questions & Answers

More Business Law questions and answers in Texas