Legal Question in Business Law in Illinois
LLC member voting rights
We have just formed a 3-member LLC with equal % each.Unfortunately, things are not going well as planned.There is this one member whom we would like to vote off. How do we proceed? Thanks!
1 Answer from Attorneys
Re: LLC member voting rights
Do you have an operating agreement that spells out the rights to expel a member? If not, then you have a long road ahead.
The Illinois Limited Liability Act spells out the events under which a member of an LLC is "dissociated". See Section 35-45. You may be able to fit in one of the categories other than "expulsion pursuant to the operating agreement" but you will need the advice of a good business attorney and some favorable facts.
Another choice is to dissolve the LLC and form a new entity, but that too is complicated and has its own problems.
You really need to talk to an attorney.
David K. Staub, an Illinois business attorney
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