Legal Question in Business Law in Minnesota
buy sell partnership
2 partners owns 50% each in an l.l.c corporation. when one partner sells his 50% ownership and accepts a check without the others knowledge, what kind of trouble can that cause?
2 Answers from Attorneys
Re: buy sell partnership
Thank you for your question.
The circumstance you have described could cause serious problems, but many more facts are required to evaluate the issue. A great deal depends on the nature of the LLC agreement, and any related agreements between the partners. It also depends on the nature of the business, the type of customers and the relationship of each partner with the customers. Is the partner who sold out engaging in a similar business, and maybe soliciting the same customers?
Feel free to contact me if you have additional questions. My contact information is below.
Re: buy sell partnership
It COULD cause major problems, depending on the status of the LLC documents and contracts. Is there a Buy-Sell agreement? How about Member Operating agreement?
I have 25 years experience in business and corporate legal matters.
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