QUESTION

Is it legal if they have only paid me about 20% of the agreed sum for my shares, but they are selling shares to other people?

Asked on Jul 17th, 2014 on Taxation - California
More details to this question:
I agreed to sell my shares in a LLC back to my partners. We agreed to a payment schedule that they have proceed to ignore.
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2 ANSWERS

Taxation Law Attorney serving Glendale, CA at Irsfeld, Irsfeld & Younger LLP
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If they owe you 80% and haven't paid, you can sue for the 80%. What does their selling share to somebody else have to do with it?
Answered on Jul 22nd, 2014 at 6:44 PM

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Elder Law Attorney serving Hollister, CA at Charles R. Perry
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The question of "legality," in terms of whether or not some law is being violated, cannot be answered at this time. There is simply not enough information. If you have a contract for the repurchase of your interest in the LLC, however, then you may have a claim for breach of that contract. This claim exists even if no laws are broken. You should contact counsel at your earliest convenience to determine how best to enforce your contract, and to see if you have any additional claims against the remaining principals in the LLC.
Answered on Jul 22nd, 2014 at 9:53 AM

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