What is the name of the state? South Carolina; all parties in SC; not UCC~free magazine to public with income from advertisements in magazine
3 parties entered into a verbal agr to form an LLC, they signed meeting notes of their intent to form an LLC. Paperwork for LLC formation was never submitted to Sec. of State, however, they begin/conducted business for over a year as though LLC were formed (including bank acct). It is clear there was a verbal K, haven't seen the meeting notes yet to determine if it could constitute a written K, but this is obviously not an LLC yet b/c no acts in furtherance of formation.
My question: Under SC Code, could this be considered a partnership (which can be verbal), and if so, how can one person get out of the partnership, and/or how do they dissolve the partnership. The preference is that the sole individual be able to get of the partnership.
***NOTE: Four attys in S.C. have been contacted, none of which had a real clue as to how to handle this.
3 parties entered into a verbal agr to form an LLC, they signed meeting notes of their intent to form an LLC. Paperwork for LLC formation was never submitted to Sec. of State, however, they begin/conducted business for over a year as though LLC were formed (including bank acct). It is clear there was a verbal K, haven't seen the meeting notes yet to determine if it could constitute a written K, but this is obviously not an LLC yet b/c no acts in furtherance of formation.
My question: Under SC Code, could this be considered a partnership (which can be verbal), and if so, how can one person get out of the partnership, and/or how do they dissolve the partnership. The preference is that the sole individual be able to get of the partnership.
***NOTE: Four attys in S.C. have been contacted, none of which had a real clue as to how to handle this.