Legal Question in Business Law in New York

LLC Partnership

I was a member of an LLC Partnership in a race horse. I only owned 5%. The parnership ceases six month ago when the horse was sold. The managing partner of the LLC refuses to give me my security deposit back because he claims another memberof the LLC failed to pay back maintenance fees for the horse. The managing partner refuses to disclose who this person is or give any further informationregarding other LLC members. Is this illigal? What recourse do I have?


Asked on 3/26/07, 4:17 pm

2 Answers from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: LLC Partnership

Read the operating agreement to see your rights.

Good Luck

RRG

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Answered on 3/26/07, 5:37 pm
Anthony Colleluori The Law Offices of Anthony J. Colleluori & Associates PLLC

Re: LLC Partnership

It may be legal for the GM to keep the money depending on the contract tween the parties. I would sue the GM for my share back and subpeona the books to get the other names and see who the deadbeat is. Then go after him or her or kick him out of the partnership.

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Answered on 3/27/07, 12:40 am


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