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Can my business partner push me out or our business of 10 yrs?
Anonymous3 views1 answers
I am 50/50 w/ bus. partner for 10 yrs It was a corp and we had a 50/50 contract. No it's an LLC listed under his Corp. only, with my name NOT on it. I do 90% work, get 50% profit - I can prove it. Checks, emails, paperwork, etc. He is tying to get me to combine with his other LLC at a 18% partner with a buyiout plan for my portion of our "company". If I don't want to do this and he gets nasty about the LLC/corporation and my name not being on it, what should I do?
As 50/50 members, there is no statutory solution if you are deadlocked. In general, members stuck in a deadlock have the following 3 options:
1. The members can agree to dissolve the LLC: Based on the actions of the other member, I assume that he/she will not agree to dissolving the LLC, liquidate and split the remaining assets after winding up the LLC's business;
2. One member can buy the other member's interest in the LLC: Again, I assume the other member will not be willing to buy you out and/or pay the fair market value for your interest;
3. You have to resort to a law suit to either determine what is the reasonable course of action or proceed with a judicial dissolution of the LLC.
Unfortunately, it looks as though you and the other member disagree as to how to run the business
You need a lawyer. Check with a lawyer in your locale to discuss more of the details.
Good luck to you.
God bless.
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