Corporate Law Can she really take my LLC %?

[Schultz]

I own 49% of an LLC (accommodations business). My now former partner recently sold 51%. We have always run simple shop, we pay in our share of a loss and take our share (deferred) when we have a profit per our share of the partnership. It had been that way for over two years. The partner stipulated in the purchase agreement for the buyer that all "rights" in the former partnership will terminate upon accetance of the agreement AND she will take ALL of the deposits as part of the sale price. First, I was not consulted on these provisions. Can one LLC member negotiate away another's rights? Partner acted as treasurer and has yet to hand over all the financial records (all accounts were in the name of the business). I'm suspicious. My understanding is that deposits (after bills) are assets. Assets of an LLC are "owned" by the members per their share of the partnership. Mind you, the buyer was not acting as an agent of the rest of the LLC when she "accepted" the wording the bill of sale. She questioned the deposit thing, the seller was putting the pressure on the buyer to get the transaction over with. Again, I'm suspicious. It would seem anyone would know a third person cannot negotiate away the assets of one of the members of an LLC as part of a sale, but the former partner put it in the contract anyway. HOW do I get my share of the assets?

 

[army judge]

Have you consulted a lawyer, your personal lawyer?

You should see one immediately!

You can't get the remedy or help you require in a virtual world.

You may have a very tough struggle on your hands.

Have you spoken with the person who allegedly purchased the business?

If you have, stop.

If you haven't, don't.

You've been victimized, maybe even defrauded. Please, contact an attorney, first thing you do tomorrow.

Without access to YOUR partnership agreement, I can tell you, things are not normally done thus way!

Get a lawyer, your lawyer, ASAP.

Good luck.


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[mattgs]

As usual, army judge is right on point. I agree you should contact a lawyer asap. I have had a good experience in with the guys at Swanson Law Firm for a Washington business law issue that I had. Good luck!

 

[Schultz]

Can she really take me for a ride?

thanks to all of you who responded. I contacted the SBA and through a counselor there I was able to get a complimentary hour appointment with a business lawyer. I done research on my own and now have the entire RCW from Washington state on LLCs so I am prepared with legal ammo.
Thanks again.
Schultz

 

[army judge]

thanks to all of you who responded. I contacted the SBA and through a counselor there I was able to get a complimentary hour appointment with a business lawyer. I done research on my own and now have the entire RCW from Washington state on LLCs so I am prepared with legal ammo.
Thanks again.
Schultz

Good on you.
Fight for what's yours.



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