Legal Question in Business Law in Georgia

LLC parntership

I am an equal partner in an LLC.

2 of my partners sold a % of their

stock to 3 others without involving

me. While, individually, I have a

larger %, it is now 5 against 1. This

can't be legal. I have never received

any form of written communication

or asked to sign anything

acknowledging acceptance of this

change. What are my rights, if any?

What course of action do you

recommend?

thank you


Asked on 6/17/07, 2:02 am

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: LLC parntership

You provide no basis to conclude that the sale is not "legal." Individuals buy and sell interests in business every day, and the will of a majority often controls. Your rights are found in the formation agreements, operating agreements and other related documents. Had the members wanted a provision restricting the sale, requiring notice, rights of first refusal, etc., it is something that should have been included in the beginning, or when someone purchases the interest in an existing company. Read the documents. If you believe there may have been a breach, see a lawyer who handles such business litigation matters.

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Answered on 6/17/07, 9:07 am


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