I formed an LLC with my Uncle to purchase a home for a flip. We tried to obtain financing. He told me the Lender said he needed to have 70% control to get financing on his experience. I responded that I would give him 70% for approval purposes of the loan only! So I signed the operating agreement. We decided not to use the lender because the terms were awful. My Uncle has signed a contract under his previous name and then recently added an addendum under the LLC we created. I did not give my consent for the addendum under our LLC.
What should I do to void the operating agreement? And I want to make sure I am not Liable for anything he has signed under that Amendment. And should I dissolve the LLC we created or remove him?
2 Answers from Attorneys
You really need to have this situation properly analyzed.
Before you take any action like dissolution, etc. I suggest that you consult with a lawyer in private and discuss your objectives in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.
If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.
Our firm is now referred by the American Bar Association (see under the New York section): http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html
DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.
Dissolve the LLC (would be my advice) based upon this uncle's presumed violation of the operating agreement
in his adding an addendum to which you apparently did not agree to nor in any way authorized.
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