Legal Question in Business Law in Indiana
Indiana-Suppose two partners were in business together in a company formed as an LLC under the laws of the state of Indiana. One partner expelled the other, which was covered in the operating agreement. This could be done because the expelling partner had the majority share of the partnership, 75%. At that time, the expelled partner was paid by the company for his capital account, in other words bought out by the company. Is there a time limit for the expelled partner to file a lawsuit if he is unhappy either with the settlement amount or the expulsion in general?
Asked on 5/09/12, 8:49 am
1 Answer from Attorneys
Kenneth Wilk
Rubino Ruman Crosmer & Polen
Yes, there are time limitations of action, which may be by statute or by the terms of the LLC agreement.
Answered on 5/09/12, 5:35 pm
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