Legal Question in Business Law in Texas

Takeover of LLC!
I would like to dissolve a 2 year LLC because of a partner who has not been contributing to the company, in any means, and I own over 80% of the company. I want to make this painless but I'm sure he'll object. He is out of state and had minimal investment. He borrowed $6K from our account before 12/25/07, which was 60% of his investment. He has received writeoffs for the past two years and his K-1 ending capital account is $4,763 as 16.45% owner. I want to keep the company, refile as S Corp and continue without him. I have the patent in my name as it was my design and hard work. Since he borrowed $6K, I want to offer him the $4,763 and part ways. What are your thoughts before I consult an attorney?

Asked on 2/26/08, 4:02 pm

Johm Smith tom's

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Re: Takeover of LLC!

Consult with an attorney; isn't this important enough to do it right.

Answered on 3/03/08, 7:12 pm

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