Legal Question in Business Law in Virginia

I formed an LLC with my Uncle to purchase a home for a flip. We tried to obtain financing. He told me the Lender said he needed to have 70% control to get financing on his experience. I responded that I would give him 70% for approval purposes of the loan only! So I signed the operating agreement. We decided not to use the lender because the terms were awful. My Uncle has signed a contract under his previous name and then recently added an addendum under the LLC we created. I did not give my consent for the addendum under our LLC.
What should I do to void the operating agreement? And I want to make sure I am not Liable for anything he has signed under that Amendment. And should I dissolve the LLC we created or remove him?

Asked on 7/12/19, 8:46 am

2 Answers from Attorneys

Frank Natoli Natoli-Legal, LLC

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You really need to have this situation properly analyzed.

Before you take any action like dissolution, etc. I suggest that you consult with a lawyer in private and discuss your objectives in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section): http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html

Kind regards,

Frank

www.LanternLegal.com

866-871-8655

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DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

Answered on 7/12/19, 9:11 am

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