I'll just be vauge in titles and whatnot, but here is there issue at hand.
4 equal 25% owners of a Commercial Brokerage firm formed as an LLC.
3 of those owners also own and run a succesful residential mortgage firm together, so we can assume that their is a constant majority vote on any decisions made because they all have the same financial pros and cons to any decision.
1 member is listed as the Managing Partner for the company.
The company was formed last fall.
The Managing Partner runs 100% of the business, and has run a legal business and has just got it to the point of making profit.
In the past few weeks, the 3 partners have been meeting in secret discussing the firing of the managing partner(we know this because the loan officer working with the Managing Partner has informed us that he has been brought in their on several occasions to reveal loan information so that they have all the facts when they fire the managing partner). Two of the parters walk into the Managing Partners office and tell him they want him out. The buy/sell agreement was writtin, but never revised or signed by any of the 4 partners. The 4 stock certificates all stating 25% ownership are also not signed(but the managing partner has his in his possession). Does the fact that he is designated as the managing partner have any weight against a majority vote to vote him out? What options does the fact that the buy/sell agreement is not signed give the Managing partner?
Now, first and foremost, the Managing Partner who has done all the work associated with setting up the commercial brokerage, has a pipeline of loans that he has worked from the very beginning without the least of even interest of the other three partners until about a week before the vote to force him out. Does the company as a whole own these loans and their information, or does the Managing Partner have the right to take all the information, or is it a customer decision?
What options are available as far as keeping the 3 existing partners from using the company name?
Is it an illegal offense for these 3 partners to have secret meetings with an employee of the Managing Partner without a notice of any sort to the Managing Partner? For that matter, is it legal to have 2 of the 3 other partners walk into the Managing Partners office and simply tell him they are letting him go? Finally, does the fact that the three other partners have tied finances through their residential mortgage company give any sympathy toward the Managing Partner in a legal since because of the tied motives between the other partners?
I know thats a hell of a lot of information, but any help would be great, thanks!
4 equal 25% owners of a Commercial Brokerage firm formed as an LLC.
3 of those owners also own and run a succesful residential mortgage firm together, so we can assume that their is a constant majority vote on any decisions made because they all have the same financial pros and cons to any decision.
1 member is listed as the Managing Partner for the company.
The company was formed last fall.
The Managing Partner runs 100% of the business, and has run a legal business and has just got it to the point of making profit.
In the past few weeks, the 3 partners have been meeting in secret discussing the firing of the managing partner(we know this because the loan officer working with the Managing Partner has informed us that he has been brought in their on several occasions to reveal loan information so that they have all the facts when they fire the managing partner). Two of the parters walk into the Managing Partners office and tell him they want him out. The buy/sell agreement was writtin, but never revised or signed by any of the 4 partners. The 4 stock certificates all stating 25% ownership are also not signed(but the managing partner has his in his possession). Does the fact that he is designated as the managing partner have any weight against a majority vote to vote him out? What options does the fact that the buy/sell agreement is not signed give the Managing partner?
Now, first and foremost, the Managing Partner who has done all the work associated with setting up the commercial brokerage, has a pipeline of loans that he has worked from the very beginning without the least of even interest of the other three partners until about a week before the vote to force him out. Does the company as a whole own these loans and their information, or does the Managing Partner have the right to take all the information, or is it a customer decision?
What options are available as far as keeping the 3 existing partners from using the company name?
Is it an illegal offense for these 3 partners to have secret meetings with an employee of the Managing Partner without a notice of any sort to the Managing Partner? For that matter, is it legal to have 2 of the 3 other partners walk into the Managing Partners office and simply tell him they are letting him go? Finally, does the fact that the three other partners have tied finances through their residential mortgage company give any sympathy toward the Managing Partner in a legal since because of the tied motives between the other partners?
I know thats a hell of a lot of information, but any help would be great, thanks!
