Legal Question in Business Law in Georgia

LLC partnership questions

I started out as an employee of an online business, incorporated as an LLC. The two existing partners offered me 1/3 of the business. I agreed and signed a piece of paper stating I would agree to be a partner. The paper was no more than a love note, because the partners never put my name on any of the corporate paper work (unknown to me). We'll the company was in Financial trouble (6 months after I accepted the partnership agreement) and all of us had solutions. One of the partners who was financial controlling all the companies assets, refused to pay our staff, bills, etc. The partner also closed accounts; stating his ''personal'' financial assets were at risk. Loans were terminated etc. The other partner and I had no say and apparently no control over the companies assets. With no financial assets the company shut its doors and the Financial controlling partner sold his share of the company to the other partner. I was left with nothing. Was I ever a legal owner of this company? What legal liability do I have. Please help.


Asked on 6/06/02, 3:29 pm

1 Answer from Attorneys
Eric Ballinger Ballinger & Associates

Re: LLC partnership questions

It sounds like they may have sold you a one third interest in the business. But if they never gave you a stock certificate you have no worries. Even if you were transfered any ownership, you have no personal liability unless you signed a personal guarantee.

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Answered on 6/06/02, 5:35 pm


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