Legal Question in Business Law in New Mexico

New Mexico Have two organizers for an LLC one organizer is no longer part of the business. No operating agreement in place and Business was just started, no tax id or investment besides filing fees which were paid by remaining organizer. is there any liability to organizer that is no longer part of the business or do they have a claim on the future business or profits?


Asked on 2/05/10, 5:28 am

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Organizers have no "rights" to the LLC they have organized. Any person can "organize" an LLC in NM. That is not important. What is important are the members. They are the ones who own the LLC according to their respective interests. Organizers, managers, employees and others associated with the LLC own nothing unless they are also members. Then they own the per cent of the LLC which they paid for or which they contributed. Members and their interests are covered in the Operating Agreement. That is just one of the many reasons why an LLC must have an OA. Consult a business attorney for specific information concerning your particular problem.

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Answered on 2/10/10, 12:02 pm


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