Legal Question in Legal Ethics in New Jersey

I am part of a construction LLC located in central NJ three partners with equal shares 1 of the partners has decided to leave the LLC there is no value documented intially or to date.

Does the law prevent us from bidding or signing future contracts while we negotiate the buyout?

Thanking you advance

JC


Asked on 6/01/10, 8:26 am

2 Answers from Attorneys

Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

First, it all depends on the LLC Operating Agreement. Hopefully, you had a good tax and business lawyer form your business. Secondly, are you sure you want to continue the current LLC rather than setting-up a new one? This would lessen any claims by the leaving member.

You need to get your LLC documents reviewed prior to deciding what you can do.

I hope this helps!

Ron Cappuccio

856 665-2121

www.BusinessEsq.com

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Answered on 6/02/10, 5:40 pm
Robert Davies The Davies Law Firm, P.A.

I really can not predict what kind of problems your former partner will cause you, but you could have some really serious and expensive claims to deal with.

Get a lawyer on this for you.

Please call my office to make an appointment. This initial consultation for one half hour will be free of charge, and I will let you know what I believe I can do to assist you further.

Robert F. Davies, Esq.,

Phone: 201-820-3459, Hackensack New Jersey.

Let my secretary know you found me through LawGuru.

Disclaimer: This answer is based only on the statements you have made, and may not be accurate. 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 exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

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Answered on 6/09/10, 11:37 am


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