QUESTION
As a shareholder how can I get my share of the money from a business owner who isn't paying me?
Asked on Sep 08th, 2013 on Business Litigation - Indiana
More details to this question:
I bought 5% of a music LLC over a year ago. I still haven't received my 5% of the revenue. The owner is completely neglecting our agreement that we have in writing and signed. I still haven't even seen any financial records. I know he has been putting on shows and selling hundreds of tickets and also has sold a lot of merchandise. He also makes money off of youtube advertisements.
1 ANSWER
Being a member of an llc does not automatically entitle you to a share of profits; it depends on the llc operating agreement. However, if the agreement to which you refer is being breached by the other llc member, you can sue for breach of contract. Also, you are entitled to access to the llc's financial books and records, and can sue to compel such access.
Answered on Sep 09th, 2013 at 10:28 AM