Legal Question in Business Law in Texas
When an LLC is in place, and there is a sole manager of the business (who is the majority shareholder) but there are other shareholder members of the LLC, can a business be sold without their (the minority shareholders) agreement or input. Owner (Sole manager in the operating agreement and runs the business(has 50% share each member has 25% One has no involvement in the business other than being a family member and they other maintains the website but does not work there)
Asked on 7/27/22, 2:10 pm
1 Answer from Attorneys
Frank Natoli
Natoli-Legal, LLC
This depends on how the operating agreement is written. Usually, it will require a super-majority when most or all the assets of the business are being sold and simple-majority for all other decisions. This may not be the case across the board however.
Answered on 7/27/22, 2:13 pm
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