Legal Question in Business Law in Massachusetts
I would like to know in an LLC that was set up and gifted to children. There were officers named by the parents but the operating agreement states the members can vote atany time new officers but it is determined by 2/3 of the owning members votes. Does that mean 2/3 of the members or 2/3 of who voted, some members chose not to vote
2 Answers from Attorneys
Without actually reading the Operating Agreement no one can give you a definitive answer, but it would usually require Members owning 2/3 of the LLC.
Please feel free to contact me directly if you have more questions.
This question is difficult, if not impossible without reading the agreement. You should look to see if a quorum of votes is specified. That clause will likely tell you if you need 2/3 of the voting members or 2/3 of total members and what the minimum number of members that need to vote is.
Related Questions & Answers
-
My ex husband owns a business that I worked at. I was only an employee, not an... Asked 12/22/09, 7:07 pm in United States Massachusetts Business Law
-
A person may convey his/her intent to enter into a contract by words or actions Asked 12/09/09, 11:51 am in United States Massachusetts Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
