Legal Question in Business Law in Texas
Partnership issues
We formed an LLC and we decided that I will work full time in the business. My partner gave me a written agreement on the pay and the hours I will work there. After two monthe he says that he cannot pay the agreed amount and he wants to run the business in absentia.
The bank loan says that I will run the business.
It is more of a control issue on my partner.
NEED ADVICE
Asked on 5/15/04, 11:44 am
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Partnership issues
First off, he's not your partner; he's a shareholder. Second, you have a written agreement. Third, I hope you have an operating agreement that defines who'll do what, and what may cause dissolution of the LLC. Look to the written agreements.
Give him an opportunity to buy you out, or vice versa, if he wants it so badly.
Answered on 5/15/04, 3:58 pm
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