Legal Question in Business Law in Georgia

llc buyouts

My wife and I and my son own an llc,I had a friend helping me and his mothe invested some money, hbis mom and my wife where forming a corproration,all changed and all of a sudden my friend and his mom are trying to take over saying the money they invested constitutes buying us out. There are no other members in the LLC ,,me my wife and my son, there is no agreement or written statements of a partnership or take over but there is another company formed in which my wife is supposed to be 50% owner. Now they say that parent company owns our LLC, I told them to buy us out. MY question is do they have grounds to aquire my company without a buyout,there are no legal papers signed and everything in the LLC is in my families name.


Asked on 2/27/08, 9:47 pm

1 Answer from Attorneys
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: llc buyouts

Assuming there are no operational documents (which is a very bad idea), then the default rules of the Georgia LLC Code apply. Under them, you generally cannot be forced to sell your membership interest in the LLC. It sounds like you may have some claims against your wife and possibly the friend. Have a local business attorney review all the facts and any documents and provide a more comprehensive assessment.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 2/28/08, 9:13 am


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