Legal Question in Business Law in New York

llc buy out

i went into the restaurant business with my brother and unfortunately we can not work together. I invested 30,000 into the restaurant and my question is do i receive the total 30,000 or do we have to get the restaurant appraised to see the value. he will remain 100% owner. so what is the best way to get back my investement of 30,000 or am i entitled to more.. thank you


Asked on 6/16/08, 12:33 pm

3 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: llc buy out

You are entitled to the return of your capital contribution $30G together with 1/2 FMV of restaurant after costs, expenses, etc. are deducted.

Mike.

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Answered on 6/17/08, 8:45 am
Norman Nadel Norman Nadel, Esq.

Re: llc buy out

The buyout of your interest should be at fair market value, which can be arrived at by negotiation, appraisal or any other method satisfactory to you and your brother.

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Answered on 6/16/08, 12:46 pm
Christopher Hoyt The Law Offices of Christopher W. Hoyt

Re: llc buy out

If you have a buy/sell agreement in place with your brother then that agreement will control the methods by which you may be bought out. Otherwise you will need to negotiate a price or have an appraisal done. Please feel free to contact my office if we may be of any assistance in this matter.

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Answered on 6/16/08, 1:09 pm


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