Legal Question in Business Law in Massachusetts

Laws concerning an LLC
My husband has owned a website for over 7 years now. He was approached by a friend 6 months ago saying he would like to contribute a large amount of $ to make it a large business (for free) My husband felt odd accepting $ without offering him a partnership. So they got the LLC and my husband without a dime gave him 49% and himself 51%. He has yet to get any large sum of money but the guy has been working for the site getting more advertising for it. He recently got upset and asked for a buy out . then changed his mind. My husband told himhe wants to change the % on the LLC to 75%
& 25% and he said no. now we just want him out. what do we do? does he own 49% of the business if he's on the LLC as that or is there more to it? What can my husband do to get him out of the business? And no the website doesn't make that much money. maybe 15,000 per year Please help!! I don't want my not so savvy hubby screwed!!

Asked on 3/22/09, 10:13 am

2 Answers from Attorneys

JOHN TATOIAN LAW OFFICE OF JOHN A. TATOIAN ESQ.*Licensed Only in Massachusetts

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Re: Laws concerning an LLC

Your situation is governed by the terms and conditions of any and all agreements, oral or written, that your husband had with the other party. Please feel free to contact my office for a free initial consult/review based upon the facts of your specific situation.;))

Answered on 3/24/09, 4:01 pm

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