Legal Question in Business Law in Ohio

Resigned from Ownership of LLC

I recently resigned as president and Operations Manager of a mortgage company. I also turned over in the document, my portion of ownership to one of the other owners. They wrote me and said they would accept the resignation of Pres. and OM, but not ownership. Do they have a choice in this. I am with another company now and can not have ownership in my former company. If I gave up ownership, can they say I didn't?


Asked on 4/02/08, 6:28 pm

1 Answer from Attorneys
Vaseem Hadi Rendigs, Fry, Kiely & Dennis LLP

Re: Resigned from Ownership of LLC

I would have to see the company's start-up docs for this. There should be provisions in there for buying out owners, etc. There may be a clause that requires the other co-owners to buy back your portion of the company. But you have to make sure those steps are followed to effectively relinquish your ownership. Would like to know more. Please call me if you would like to discuss further.

Vaseem

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Answered on 4/03/08, 9:15 am


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