QUESTION

Can my business partner unilaterally remove my name from the LLC? Can this partner return a truck to me that is not yet paid in full?

Asked on Sep 27th, 2023 on Business Law - Florida
More details to this question:
My friend and I started a trucking business in Davenport in 2021. I purchased a RAM 3500 for the business to use which is paid monthly by the business. I also took out a personal loan from my bank to put a big downpayment on the truck and to pay a full year of commercial insurance coverage. The load is also being paid monthly by the business. Most everything about the business is under my name. Now I believe that my business partner is looking forward to removing me from the business, including unilaterally removing my name from the LLC. Furthermore, my business partner has threatened to return the truck to me without being paid in full which will be harmful to me financially and my credit. I also contributed to acquirements of other assets in the business. So, what are my options here? Thank you.
Report Abuse

1 ANSWER

E-Commerce Law Attorney serving Akron, OH at Andrew M. Jaffe, Attorney at Law
Update Your Profile
Your LLC should have an Operating Agreement which would express how and why a Member of the LLC can be removed. If you don't have an Operating Agreement, look to the LLC laws of Florida which will explain the issues and how to proceed. You will want to discuss your issues with an attorney.  Many attorneys offer a free initial consultation.
Answered on Sep 28th, 2023 at 11:49 AM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters