Legal Question in Business Law in Illinois
LLC dispute
My partner and I formed a mortgage brokerage, a member managed LLC in IL recently. Both of us are licensed loan officer under the llc. Our capital interest is both 50% on our operating agreement. Our profit and loss is also based on capital interest. We pay our employees who are loan officers by commission based on a%. Now, my partner said we should also pay us a% of our own loan files since we are licensed loan officers too, not be base on our capital interest anymore in which we should get equal amount. Does she have this right?
1 Answer from Attorneys
Re: LLC dispute
Unless the two of you agree, the other member of the LLC cannot unilaterally determine that your compensation should be based upon your own files.
What does your operating agreement say?
David K. Staub, an Illinois business attorney
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