J
jcomstock
Guest
What is the name of your state?What is the name of your state? Oklahoma
I am in a partnership with two gentlemen from Ohio. The member share is 33 1/3 each. These two gentlemen do not include me in any of the major decision making. The operating agreement states that all major decisions are to be made by all three members. We are selling the business and they decided the price, the deposit that was given by the buyer was put into one of the partners IOLTA account without informing me. The gave all inventories to the buyer without consulting me. They have put in more money than I have. I operate the business for a salary less than I would get on the open labor market. The business takes about 75 hours of my time each week. Because I have to run the day to day business, I am not able to generate excess funds to contribute to the losses. One partner called me to say they wanted reimbursed 100% for the expenses that would occure after June 1, 2001. Then I get a document that states they wanted reimbursed for all contributions after June 1, 2004. It was decided by them that the accounting would be done in Ohio by one of the partner's daughter who is a CPA. They waited to pay three months worth of bills until after June 1st. We have had the electric shut off, late notices from all vendors, and we are now on COD with most of them. I have asked these two gentlement to come in and help reduce the debt, but, they refuse to contribute physically. What can I do legally to stop the sale. Or, to not sell my 1/3 because I think that I will not get my investment back. Or, to sue them for not following the operating agreement. Please let me know what I can do legally.
I am in a partnership with two gentlemen from Ohio. The member share is 33 1/3 each. These two gentlemen do not include me in any of the major decision making. The operating agreement states that all major decisions are to be made by all three members. We are selling the business and they decided the price, the deposit that was given by the buyer was put into one of the partners IOLTA account without informing me. The gave all inventories to the buyer without consulting me. They have put in more money than I have. I operate the business for a salary less than I would get on the open labor market. The business takes about 75 hours of my time each week. Because I have to run the day to day business, I am not able to generate excess funds to contribute to the losses. One partner called me to say they wanted reimbursed 100% for the expenses that would occure after June 1, 2001. Then I get a document that states they wanted reimbursed for all contributions after June 1, 2004. It was decided by them that the accounting would be done in Ohio by one of the partner's daughter who is a CPA. They waited to pay three months worth of bills until after June 1st. We have had the electric shut off, late notices from all vendors, and we are now on COD with most of them. I have asked these two gentlement to come in and help reduce the debt, but, they refuse to contribute physically. What can I do legally to stop the sale. Or, to not sell my 1/3 because I think that I will not get my investment back. Or, to sue them for not following the operating agreement. Please let me know what I can do legally.