Legal Question in Business Law in New York
Removal of partner - LLC
I am a member of a 3 person LLC (service oriented). Each have equal shares and distinct responsibilities. Two of us members want to remove the third because of hardship our company is facing because of the lack of production and outside influences relating to the 3rd member. Our OP Agreement is boilerplate, our buy sell is also boiler plate. All parties investment is equal. Our company value is next to zero, however, we do have a nice client base with a reduction of about 20% per year. Our assets are depreciated and we have sizable debt. The question realy is, is it as simple as majority vote this member out?
1 Answer from Attorneys
Re: Removal of partner - LLC
Maybe. The LLC Law is silent as to the removal of members, but states that the LLC dissolves upon the expulsion of a member. So how you accomplish your goal depends on the operating agreement.
Tom Luz
Pearce & Luz LLP
212 986 7714
Related Questions & Answers
-
LLC Information I want to form an LLC to protect my family assets from potenital... Asked 11/09/01, 2:12 pm in United States New York Business Law
-
What is a Summary judgement What is a Summary judgement? Asked 10/26/01, 9:57 pm in United States New York Business Law
-
Deliveries are late, but building site is now underwater I am building a new... Asked 10/24/01, 2:23 pm in United States New York Business Law
-
Problem partner We are a corporation of three members. We have not yet begun... Asked 10/20/01, 6:09 am in United States New York Business Law
-
Lien on checking account for non payment Our company provided consulting services to... Asked 10/15/01, 10:19 pm in United States New York Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
