Partner leaving LLC

[ups1678]

What is the name of your state (only U.S. law)? Missouri

There are 3 equal partners in a cleaning business - LLC. Each gave $100 to start the business. The 3 partners all work the same amount of hours doing the cleaning. Once payment is received the bank balance is divided equally by 3 to pay the partners so there is not any cash in the business. The only supplies are 3 vacuums and general supplies - total value $300. One partner is moving out of state and therefore leaving the business. The 2 remaining partners are planning to hire an employee to help pick up some of the hours. Are the 2 remaining partners legally required to pay the partner leaving anything other than the original $100?

 

[HomeGuru]

What is the name of your state (only U.S. law)? Missouri

There are 3 equal partners in a cleaning business - LLC. Each gave $100 to start the business. The 3 partners all work the same amount of hours doing the cleaning. Once payment is received the bank balance is divided equally by 3 to pay the partners so there is not any cash in the business. The only supplies are 3 vacuums and general supplies - total value $300. One partner is moving out of state and therefore leaving the business. The 2 remaining partners are planning to hire an employee to help pick up some of the hours. Are the 2 remaining partners legally required to pay the partner leaving anything other than the original $100?

**A: what was the agreement if a partner quit, moves or sold his interest?

 

[Some Random Guy]

Offer him $200 to buy him out. If he doesn't want it, start a new LLC with just you and the other partner. In the new LLC make it clear what happens if one partner wants to leave/dies/becomes unable to put in equal work, etc.

 

[ups1678]

**A: what was the agreement if a partner quit, moves or sold his interest?

Unfortunately there wasn't an agreement..3 friends...learning the hard way.