What is the name of your state (only U.S. law)? Virginia
We have a member who is unable to fulfill the duties and responsibilities that he presented to the other members of the LLC. Our OP agreement unfortunately does not have "buy-sell" language. It does have language that allows the OP to be Amended by the majority.
Can we (the majority) execute the amendment clause to insert a "buy-sell" clause so we can initiate a purchase of the members' units?
The company is presently in the red and while additional cash infusion would dilute the minority unit holder, we prefer to remove the unit holder prior to any more cash calls.
We have a member who is unable to fulfill the duties and responsibilities that he presented to the other members of the LLC. Our OP agreement unfortunately does not have "buy-sell" language. It does have language that allows the OP to be Amended by the majority.
Can we (the majority) execute the amendment clause to insert a "buy-sell" clause so we can initiate a purchase of the members' units?
The company is presently in the red and while additional cash infusion would dilute the minority unit holder, we prefer to remove the unit holder prior to any more cash calls.