What is the name of your state? Pennsylvania
My fiance is in a 50/50 partnership in an LLC. The LLC owns a bar. Due to major conflicts my fiance wants out of the partnership. His partner was supposed to buy his share of the bar in June - but he has been dragging his feet becasue he doesn't have the money. In the mean time, my fiance is losing money becasue he has to pay back the money he borrowed.
The question is this: can he sell his share to someone else? And if so, what happens to the LLC? Can he dissolve the partnership?
There is no written or verbal agreement regarding what they would do if this ever happened. They never had one drawn up!
He wants out bad and doesn't know what else to do. The partner won't give him any records of showing how the bar is doing, so it could be in debt right now for all he know!
Please help me!
My fiance is in a 50/50 partnership in an LLC. The LLC owns a bar. Due to major conflicts my fiance wants out of the partnership. His partner was supposed to buy his share of the bar in June - but he has been dragging his feet becasue he doesn't have the money. In the mean time, my fiance is losing money becasue he has to pay back the money he borrowed.
The question is this: can he sell his share to someone else? And if so, what happens to the LLC? Can he dissolve the partnership?
There is no written or verbal agreement regarding what they would do if this ever happened. They never had one drawn up!
He wants out bad and doesn't know what else to do. The partner won't give him any records of showing how the bar is doing, so it could be in debt right now for all he know!
Please help me!