Legal Question in Business Law in California

I started a LLC company with my wife in June 2015 Feb 2016 an acquaintance offered to join me he offered 49% to my 51% he brought a document from his lawyer and I signed with the impression it was a profit sharing agreement since I have invested all the money now from May 2016 he his collecting all the money and not depositing in the bank and so I have to pay all the operating cost I asked him to resign he refused the van he uses to do business is in my personal name How do I make him resign


Asked on 6/20/16, 5:21 pm

1 Answer from Attorneys

You can't make someone resign. Depending on the terms of your agreement with him and any operating documents of the LLC, you may be able to oust him from membership in the LLC, but you can't make him resign. You may also have grounds to sue him for breach of fiduciary duty and possibly other grounds such as breach of contract or fraud. There is no way to tell what your real rights and options are, however, unless you sit down with a lawyer and all the relevant documents and go over the whole situation.

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Answered on 6/20/16, 7:46 pm


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