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?