Legal Question in Business Law in Indiana

I own an LLC in Indiana that I founded and formed. I am also the license holder for two state license, one for private investigative firm and the other for a security guard firm. I solely have owned this LLC since 2010. In 2014 I took on a partner and I personally amended the Articles to state I own 100% of the stock for private investigative work and 50% of the stock for security guard contracts. I also have sole authority to amend, merge or dissolve this LLC. Shortly after, my partner and I verbally agree I would own 51% of the stock and he would own 49% of the stock. Since then he has seem to take on the position that he has made no agreement, thus, placing our verbal contract into jeopardy. Last year the LLC made 97% in security guard revenue and 3% in private investigative revenue. My question is, based on the Articles of Amendment, do I own majority of the stock for the LLC?


Asked on 4/27/15, 2:33 pm

1 Answer from Attorneys
Kenneth Wilk Rubino Ruman Crosmer & Polen

It's difficult to say what your standing is based upon the partial information given. The language of your LLC documents is very important. You should take your fact situation, with all paperwork, and a written summary of your verbal agreements to an attorney to have him or her comprehensively analyze this for you.

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Answered on 4/29/15, 5:31 pm


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