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llc buy out

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J

jlkelly

Guest
Michigan

I am leaving my employer to start my own business. I own 10% of the llc for our facility. I am on the mortgage for $300,000 and the property is worth $600,000. I never signed an operating agreement but signed the llc papers and I also recieve a K1 form at tax time. What are my legal options. I didn't put my own money into the project rather all of the sweat equity.

Also I recieve a K1 for our corp. I was given a document signed by the owner stating I was to take over in the event of his illness or death. I would also recieve 1% of stock per year starting feb 1st 1998. He also states he can refuse my right to sell it. The problem is I never signed it it was given to be signed by him. The company business volume is about 1.2 mil per year. I was given all of this because the business was very small when I started and I built it up over 7 years. However he has failed to own up to his end over the last few years. What do I do? Walk away or pursue my "share".
 



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