What is the name of your state (only U.S. law)? Florida
Hello everyone! I am hoping that someone can help me out with this. We have a 4 member LLC, 3 members being individuals and 1 member being another FLorida Corporation.
The Fl. Corp. member is now in bankruptcy. They hold 34% of the LLC. We are just wondering what happens now. In our LLC agreement there is the outline for a purchase event, which this falls under, however, there are time frames stated for when things have to happen given this situation but no provision for what happens if nothing happens within that time frame. I have searched elsewhere and just have not been able to find any information.
The LLC is a brand new company and is currently not generating any revenue yet. We are still in development and beta stages.
So what I need to know is what can we expect to have to deal with in regard to bankruptcy lawyers and what will happen with their 34%.
Also, what provisions are there if things do not happen in the time frame as outlined in our LLC paperwork or FL Statute?
Thank you!
Hello everyone! I am hoping that someone can help me out with this. We have a 4 member LLC, 3 members being individuals and 1 member being another FLorida Corporation.
The Fl. Corp. member is now in bankruptcy. They hold 34% of the LLC. We are just wondering what happens now. In our LLC agreement there is the outline for a purchase event, which this falls under, however, there are time frames stated for when things have to happen given this situation but no provision for what happens if nothing happens within that time frame. I have searched elsewhere and just have not been able to find any information.
The LLC is a brand new company and is currently not generating any revenue yet. We are still in development and beta stages.
So what I need to know is what can we expect to have to deal with in regard to bankruptcy lawyers and what will happen with their 34%.
Also, what provisions are there if things do not happen in the time frame as outlined in our LLC paperwork or FL Statute?
Thank you!