Legal Question in Business Law in New Jersey

Floating LLC

Myself and 1 others formed an LLC

for Skateboards in NJ. he provided

half the funding and I have done

everything else.

The operating agreement indicated

that my percentage of the LLC was

to be 50%. and him 50%

also capital contributions

me 5,000 him 10,000

Now it's almost 2 months later and

agreement was never signed because

personal isuses

The reason for this is a little

complicated but the bottom line

question is this:

How does the law view unsigned

undated unexecuted agreements

between parties?

and im am trying to continue the

company but i have know idea how

to get him out of the LLc


Asked on 8/25/08, 8:35 am

1 Answer from Attorneys
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: Floating LLC

Setting-up a Limited Liability Company has many business and legal issues. When you went to establish the LLC, you and your fellow member should have had representation by a good tax and business attorney. That would lessen the likelihood of the probems you now face.

You essentially have 3 options:

1. You and the investor agree that one will buy the other out; or

2. You simply stop working and force the other investor out; or

3. You go to court.

The fastest and cheapest method is to come to a solution to buy out your partner. You should immediately engage a tax and business attorney to help you straighten-out this mess.

I hope this helps!

Ron Cappuccio

http://www.BusinessEsq.com

Read more
Answered on 8/25/08, 8:52 am


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