What is the name of your state?What is the name of your state? Arkansas
An LLC was formed a few months ago with 2 partners to start a new business. One of the partners obtained financing for equipment to the tune of approx. $175,000 and has incurred all expenses to operate this business including travel, motels, etc., while the other partner has contributed nothing, but has received 50% of the profits. There was never a partnership agreement or any type of contract signed between them. My question is, can we lose this partner and is he entitled to anything, and can the other partner continue this same business solely under the same name, EIN, and all other aspects of the business. Please help!!!!!!!
An LLC was formed a few months ago with 2 partners to start a new business. One of the partners obtained financing for equipment to the tune of approx. $175,000 and has incurred all expenses to operate this business including travel, motels, etc., while the other partner has contributed nothing, but has received 50% of the profits. There was never a partnership agreement or any type of contract signed between them. My question is, can we lose this partner and is he entitled to anything, and can the other partner continue this same business solely under the same name, EIN, and all other aspects of the business. Please help!!!!!!!