Legal Question in Business Law in Louisiana
Three of us have an LLC that was formed for a specific event. We are all equal partners (profiting equally as well). One has decided to exit the partnership and we want to pay his/her portion in alignment with the ownership. My question is... Do we need to take into consideration any sort of tax payment? Should he/her receive the net amount after such items as taxes (state)?
Asked on 11/17/11, 7:29 pm
2 Answer from Attorneys
Martha Amanda Mandi Lucas
Mandie Seale Lucas
His interest should be described in the operating agreement but if not it would be net and not gross.
Answered on 11/18/11, 4:48 pm
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