Legal Question in Business Law in Virginia

Do I have any recourse?

I am a 1/3 owner in an LLC that is slowly going under. I am not getting any response from my partner as far as assets remaining, or anything else. Can I have assets frozen? Can I do anything to protect my investment or what remains of it?


Asked on 8/21/08, 3:16 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Do I have any recourse?

Yes, since Virginia allows for single member LLC's, you should be able to withdraw from the entity without dissolving it as long as the withdrawal is done in accordance with the terms of the operating agreement and state law governing such matters, and receive back your capital contribution if such assets still exist in this LLC.

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Answered on 8/22/08, 10:44 am


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