Legal Question in Business Law in Missouri

A LLC has rules to buy out members -- they are delaying

I am member of a Limited Liability Company that ownes property. There are 8 of us and I want out. I submitted 6 months ago something that has reads I am with drawing my membersip. The rules of the LLC state that after 180days from date of notice the person wanting out will be paid off or the property will go up for sale. Basically 180 days has come and gone. Now the property must be sold but they have put a price on the property that will never sell. So I will never get my money.

1. How can they set the price without a vote?

2. How can I get them to act in manner acceptable to fair

business?

3. How can I sue them for my 9,500.00 and get them to pay

for the delays the time this has taken without coming

out in the end with only 3,000.00.. Basiclly I am asking for my money and for them to pay my legal fees for

acting like this and putting me through the ringer for this type of business practice which I guess I am part of until they buy me out?

I just want out with a fair price.


Asked on 10/24/03, 10:40 am

1 Answer from Attorneys
Michael R. Nack Michael R. Nack, Attorney at Law

Re: A LLC has rules to buy out members -- they are delaying

I have represented several people in similar situations. I have also helped draft the incorporating documents, articles and agreements used by several L.L.C.'s. Before I could give you any competent legal advice, I would want to read all of the pertinent documents. I would also need to interview you personally. At that point, I might be able to serve as your representative with the other members in an attempt to obtain the sale of your interest at a fair price. In many cases, intererests such as yours are very difficult to sell at all, and sometimes it is necessary to take a loss if you want out badly enough. Also, it is rare for any legal document involved in these matters to require the payment of your attorney's fees by the other members. In order for me to become involved I would require a substantial retainer fee to be paid up front to cover at least a portion of the time I would be required to invest, without any guarantee whatsoever that I could be of any real practical help to you. Still, if you would like to set up an appointment, you may call me at 314-727-2822. Thank you and good luck!

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Answered on 10/26/03, 5:56 pm


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