Legal Question in Business Law in New Jersey

Re: llc in nj 50/50

Do you have an Operating Agreement? Why are the assets being sold? What is happening with the money?

These are some of the questions suggested by your inquiry as the LLC must be operated to satisfy its needs, not those of an individual member.

You should consult with counsel to discuss your legal rights.

We have attorneys on staff who might be able to assist if you care to give us a call.

Disclaimer: Your question and any response given are not intended to create an attorney-client relationship. The response given is not intended to be relied upon by you or anyone else as it is based only on the limited information which you have provided. Other information is needed before advice can be given including facts which you have not supplied which may change the response to your question. You should consult with an attorney as soon as possible to assess your legal rights so as not to prejudice yourself.

Re: llc in nj 50/50

It is possible to have an LLC that is set up to allow this. But that would be very, very unusual. In fact, in the many years that I have been an attorney, I have never seen an LLC set up to allow that. Never.

You need to see a lawyer and get some help. You need to show the attorney all of the documents that you have available to you, and explain what is going on.

Please call me if you would like me to assist you. I am in Hackensack, right across from the Bergen County Courthouse.

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Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The response that you have received is based only on the small amount of information which you have provided. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

Re: llc in nj 50/50

I'll bet that you realize that now is not a good time to have to be asking this question.

A multi-member LLC is operated and managed in accordance with its Operating Agreement. If the members never signed an operating agreement, then the LLC is operated and managed according to the defaults that the State has set up which are frequently less than adequate. That is about all that can be said without having more information about your company and your particular situation. So, if you have a problem with your partner, you should consult a business lawyer who will review everything with you and give you an opinion on your options.

See also: http://info.corbettlaw.net/lawguru.htm