Need help - Desperately

[keb3785]

What is the name of your state? PA

My fiance is in a 50/50 partnership in an LLC. The LLC owns a bar. Due to major conflicts my fiance wants out of the partnership. His partner was supposed to buy his share of the bar in June - but he has been dragging his feet becasue he doesn't have the money. In the mean time, my fiance is losing money becasue he has to pay back the money he borrowed.
The question is this: can he sell his share to someone else? And if so, what happens to the LLC? Can he dissolve the partnership?
There is no written or verbal agreement regarding what they would do if this ever happened. They never had one drawn up!
He wants out bad and doesn't know what else to do. The partner won't give him any records of showing how the bar is doing, so it could be in debt right now for all he know!
Please help me!

 

[BelizeBreeze]

Your questions will require a full review of the LLC documents including any agreements between the partners. From the sound of things, it looks like your boyfriend is not a full partner nor does it sound like he has discussed this matter with an attorney.

THAT is the first step.

 

[keb3785]

He is a full partner - they each own 50%. He has discussed it with an attorney - but we are trying to save money. if it can't be done - then there is no sense in trying!