Legal Question in Business Law in New York

buy for LLC

I went into business with my brother and invested 30,000. Unfortunately we could not work together, so I left a few months ago. I gathered all the paperwork showing how much I invested and it totaled just over 30,000. Is the buy out pretty simple to say that I am entitled to all that money or what is the case. He will remain 100% owner of the restaurant. Please advise the best way to complete this buy whether the restaurant has to be appraised or do I just get my total investment..

thank you AJ


Asked on 6/16/08, 12:26 pm

1 Answer from Attorneys
John Friedman Law Office of John K. Friedman

Re: buy for LLC

You should refer to the operating agreement first to see if it, by its terms, governs any transfer of your ownership interest to your brother (or whomever). If it doesn't govern this type of transaction (or if you don't have an operating agreement), then it's determined by negotiation.

If you'd like to discuss this feel free to call the office at 518.697.7944.

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Answered on 6/16/08, 12:34 pm


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