Legal Question in Business Law in Kentucky
Can 3 of four founders and equity owners of an LLC with majority vote, arbitrarily award or bonus themselves stock, reducing the % ownership of the 4th owner/founder?
Asked on 11/19/10, 5:06 am
1 Answer from Attorneys
Kevin B. Murphy
Franchise Foundations, APC
As a franchise attorney I can recommend the following. Review the LLC operating agreement as it should specify topics like compensation and issuing stock (member interests). Also the particular fact circumstances need to be considered. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Attorney
Franchise Foundations APC
Answered on 11/24/10, 5:23 am
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