I am 25% owner in 3 LLCs with 3 other people (all equal shares). All LLCs are connected and share space, resources etc. The first LLc has been in operation for 4 years, the second and third for 18 months.
We have no operating agreement. We owe an investor in the name of the first company, signed by only 1 partner. The two working companies (third is a holding co) have been operating for the past year with 2 partners on each side. All four of us have officer loans in the books for the same amount - $35,000.
The newer company partners started taking their draw by having personal bills (rent, cable, speeding tickets) paid. The older company members took a lower than usual draw due to money being tight.
Our lease is up, we have not been getting along and discussed separating the companies. Now at the last minute they don't want to do that.
I want out. Due to money problems all four of us owe taxes for 2007 (only I have made an agreement with IRS) and will now owe taxes for 2008.
My questions: if I leave the llcs who has to pay the taxes? Am I entitled to my officer loan? Is company debt decided by the P & L or some other way? Are the answers different if I am voted out or if I make the decision to leave?
We have no operating agreement. We owe an investor in the name of the first company, signed by only 1 partner. The two working companies (third is a holding co) have been operating for the past year with 2 partners on each side. All four of us have officer loans in the books for the same amount - $35,000.
The newer company partners started taking their draw by having personal bills (rent, cable, speeding tickets) paid. The older company members took a lower than usual draw due to money being tight.
Our lease is up, we have not been getting along and discussed separating the companies. Now at the last minute they don't want to do that.
I want out. Due to money problems all four of us owe taxes for 2007 (only I have made an agreement with IRS) and will now owe taxes for 2008.
My questions: if I leave the llcs who has to pay the taxes? Am I entitled to my officer loan? Is company debt decided by the P & L or some other way? Are the answers different if I am voted out or if I make the decision to leave?
