QUESTION
How to I retain my half of profits in an LLC with no operating agreement
Asked on Jan 19th, 2016 on Business Law - Texas
More details to this question:
I am in an LLC with no agreement or bylaws. my partner shut me out of almost all accounts and I have no access to money collected or what he is spending the money on. What are my rights and can I recoup money that was spent that wasn't agreed upon.
1 ANSWER
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That's a tough question. First, if you have no agreement, then there is a question whether you have an LLC or a partnership. Regardless, you do have certain rights as a member/partner of the entity. You would need to follow the procedures as outlined by the Texas Business Organizations Code. When that fails, and it probably already has, then you would need to contact an attorney.
Answered on Jan 20th, 2016 at 7:34 AM