Legal Question in Business Law in North Carolina

We have four partners in a LLC. The bank is forclosing or a tract of land we bought. All partners have the same initial investment. We have sued the bank for breach of contract and fraud. We have been in litigation for over two years, with our legal bill getting very high. We have a good chance to the bank settle with us by giving us a large sum of money. The problem is one of our partners has refused to help in any way during this battle. The other three partners have paid his portion of legal fees. He refuses to come to any meetings whatsoever. Should we settle with the bank, how do we address sharing with this partner.


Asked on 2/23/11, 6:57 am

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

As a Franchise Attorney I can say this. It's not really possible to say without examining the LLC operating agreement and other documents. Also, all facts and circumstances need to be considered. This is not a simple bulletin board question. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

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Answered on 2/23/11, 7:26 am


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