Legal Question in Business Law in Maryland
LLC use of funds
My friend and I have 50/50 ownership in a LLC. The relationship has gone south. If I decide to petition a judge to dissolve the company, can I use company funds for lawyer fees? Thanks.
Asked on 2/28/07, 11:19 am
1 Answer from Attorneys
Robert Sher
Wagshal and Sher
Re: LLC use of funds
You can initially, but your partner may request an accounting of company assets. This could result in a payback if it is determined that those funds were expended for your personal benefit rather than for the company.
If you haven't already done so, you should try and work out a dissolution/buyout with the estranged partner. It will save you a lot of money and be much less disruptive if you want to continue operating in another business format.
Answered on 2/28/07, 12:01 pm
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