Distributions from an LLC Ownership

[rrogan87]

I am an owner in an LLC, which is something that I have no previous experience with. The end of the fiscal year was last month and it is stated within the operating agreement that the profit distributions are to be paid at the end of each year at the discretion of the members. I have not been given any kind of information regarding the distributions of profits and I have been increasingly worried about how the company profits have been handled thus far, as I see the majority shareholder continue to withdrawal a significant amount of money from the account for personal reasons. I know that he has some right as to paying himself, but I am wondering how to go about requesting this distribution which I believe I am owed or if I am due to receive any?

 

[Zigner]

I am an owner in an LLC, which is something that I have no previous experience with. The end of the fiscal year was last month and it is stated within the operating agreement that the profit distributions are to be paid at the end of each year at the discretion of the members. I have not been given any kind of information regarding the distributions of profits and I have been increasingly worried about how the company profits have been handled thus far, as I see the majority shareholder continue to withdrawal a significant amount of money from the account for personal reasons. I know that he has some right as to paying himself, but I am wondering how to go about requesting this distribution which I believe I am owed or if I am due to receive any?

Sorry, this forum is for US law only.

I will assume that you are in the US (even though you didn't list your state.) Your question is not a legal question per se. Your answers will lie within the operating agreement and other related documents. If you are not being paid appropriately, then your recourse is a law suit in civil court.