Legal Question in Business Law in Maryland

Business partnership of limited liability company

I am a business owner which consists of 4 owners/partners. My name is not on the articles for the company, three of the owners are family to each other and claimed they could not get a hold of me which is not true. They have held 3 emergency meetings and claim they could not get a hold of me, which was not true. I would like to know what my rights are with this company since i own 25 percent of it. I have asked around and a lot of people say that my name should be on the articles, is that true? I beleive one owner is trying to push me out and i want to make sure what my legal standings are. Please help me with any advice possible.


Asked on 10/15/03, 10:36 am

2 Answers from Attorneys
Robert Sher Wagshal and Sher

Re: Business partnership of limited liability company

It is not necessary that your name appear in the articles of incorporation. However, there should be a partner agreement or some other documentation of your ownership interest in the LLC. That document(s) should also set out who is responsible for company decisions and how many of you must agree before certain acts can take place. The MD Limited Liability Act states that unanimous consent is required before any act can take place which makes it impossible to carry on the ordinary business of the company. The law also permits any member/partner to demand and obtain true and full information regarding the state of the business and the financial condition of the company, or any other information about the company which is reasonably related to the member's interest in the company. This includes the right to copies of tax returns.

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Answered on 10/15/03, 1:54 pm
G. Joseph Holthaus III Law Offices of G. Joseph Holthaus

Re: Business partnership of limited liability company

If you are being squeezed out of an investment that you made then you may have legal rights that are not being exercised. The type of corporation that is involved changes the situation. Your equity claim may need to be substantiated where you bring suit. You may also have rights to be included in voting depending upon the form of incorporation. Contact an attorney (410) 799-9002

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Answered on 10/17/03, 12:40 am


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