Legal Question in Business Law in Illinois
Can an owner of 10 LLC Units (out of 100 units in the overall LLC which has 1 vote per unit and 1% equity per unit) sell all 10 votes but keep 5% of the equity? And if so how is that structured?
Asked on 2/06/11, 11:40 am
1 Answer from Attorneys
Can't say. I'd have to review the operating agreement as to what the buy-sell rights are. No operating agreement? That's a different story.
Answered on 2/07/11, 1:08 pm
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