Legal Question in Business Law in Nevada
Was made 30% owner of LLC and now it is being dissolved
I was made a 30% member of an LLC that was involved in building spec houses. The other member was 70% and put up all the money but did no work. I did most of the work and in exchange for 30% ownership did not take a salary for 2.5 years. Now the company is being disolved due to some disagreements. The company has $400K in cash of which I am entitled to 30% or $120K as I see it however the 70% member is saying that I am only entitled to 30% profits. Is this correct? I did not take a salary for 2.5 years because I was told I was 30% owner. If that is not the case I should be entitled to wages now for that term, correct?
Thank you for taking the time to read this and any answer you provide would help.
Chris Johnson
1 Answer from Attorneys
Re: Was made 30% owner of LLC and now it is being dissolved
THE "OPERATING AGREEMENT" OF THE LLC SHOULD SPELL OUT IN DETAIL WHAT IS TO OCCUR IN THE SITUATION YOU HAVE PRESENTED.
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