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Dissolving LLC - Interest Holder vs. Owner

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swansong

Junior Member
What is the name of your state? Chicago, IL
2 years ago I began a small tech startup as an LLC with 2 other individuals. Per my agreement, I received a regular salary and a 5% share of the business.

For various reasons, the business is now dissolving. I was told (by 2 others) that my interest in the company was generally nullified because I was classified as a 5% "interest holder" not a 5% "owner".

Digging deeper, I learned that my name is not documented as a member of the LLC anywhere. I trusted the other 2 (my mistake). However, I have been paying Fed/State taxes as an owner each quarter.

3 questions:
Can the other 2 simply take away my 5%?
Should the amount in taxes I paid have been relative to my degree of ownership (5%)?
Should I have been paying taxes as an owner at all given my undocumented "interest holder" status?

Thanks
 


whyasky

Junior Member
whoever registered the company owns it...

were you all listed as owners?

I own an LLC company and I am the only one listed as owner.

If your name isnt listed anywhere as anything than you'll have a hard time proving your even involved.

Legally I don't think you are even involved.
 

bobbitim

Junior Member
how about?

I am not a lawyer, but if i found out i was not legally responsible for business or losses and debt, i would walk away and amend my income taxes.
 

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