Legal Question in Bankruptcy in California
when a managing member of an LLC files bankruptcy and leaves other member of LLC liable for all bills and depts. Does the managing board member transfer to the other party that has all responsibility for bills. As of right now my partner has been collecting the rent for properties and keeping it entirely. I asked for the rent money since i pay the note for the property and do not get any of the rent so how do i become the managing member
1 Answer from Attorneys
How you become the managing member, if at all, will depend on the LLC Operating Agreement. You also describe a couple of other issues, i.e. conversion, embezzlement, etc., that need to be discussed with an attorney.
I recommend you contact a local business attorney to schedule a consultation.
I would be happy to speak with you at your convenience.
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