Legal Question in Business Law in Michigan

I am currently a managing member of an small business LLC. We have an *unsigned* operating agreement stating that I own Zero percent of the company until the initial investment by the other members is paid back. I want to leave this company on good terms, and would like to know what legal obligations I have as a manager/zero% owner.

Should we begin my withdrawal without having an agreement? Should I add an extra clause into the agreement to make my withdrawal smoother?


Asked on 5/05/14, 9:56 am

1 Answer from Attorneys
Miles Murphy Plachta, Murphy & Associates, P.C.

We would recommend documentation! Not knowing what specifically you have in place it is hard to determine an exact course of action. If you are in West Michigan please feel free to schedule a no-charge initial consultation to go over your options and associated costs.

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Answered on 5/05/14, 10:06 am


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