QUESTION
I currently have a business partnership llc contract and have a new business of only four months and need relieved of it !
Asked on Oct 10th, 2012 on Business Litigation - Pennsylvania
More details to this question:
Myself and business partner did a llc contract togethor we have only been in business 4 months . she has proven to be aggressive and viloent and also has major anger issues. I have had numerous complaints from clients and business all in which are willing to write a statement as witness to some of this behavoir includintg the landlord. I fear she will ruin my reputation as a business owner and want out of the partnership and do the same business under a new name as i am afraid the old one is already tainted. What rights does she actually have and what obligations must i still do when im afraid to be at my business with her. I stated to her i would no longer to business under these conditions. what may i be legally obligated to??? I need an attorney asap i believe. However I dont want to continue to do my services and have that deposited into our joint account at this point. What do i do??
1 ANSWER
Reviews not shown
1 Award
As a general matter, the rights of a member of an LLC (which is NOT a partnership) are determined by the terms of the parties' operating agreement. An attorney would need to review that agreement before advising you. As a general matter, you may have the right to withdraw from an LLC and will almost certainly have the right to close a "joint" account (although a joint account is not appropriate in the context of a business operated by an LLC). As you say, you need to consult an attorney. As an initial expedient, have you considered simply approaching your co-owner and telling her that you want out?
Answered on Oct 10th, 2012 at 9:45 AM