partnership

[tatiami]

What is the name of your state? Ca

My 3 partners and I opened a store and we form a LLC. Each partnership have 25% equally share. We are selling the store in which the 3 partners are agreed and 1 do not agree to sell. The 1 partner do not agree to sell because he want to get back his fully initial investment. In this case, after the broker fee, each partner do not recover the fully initial investment.
Can we still proceed with the selling without his signature ?
And is this legal ?

 

[Pfaffing85690]

And of course you all signed a partnership agreement when you formed this LLC correct? if so, what does the agreement say as to a sale and rights to dissention?

 

[tatiami]

I don't remember what was on the agreement of sale and rights to dissention, but I know everything is 25% for each partnership.

 

[Pfaffing85690]

Then, until you can post the exact clause in the partnership agreement about sales, there isn't anything anyone can tell you that would be valid.

 

[tatiami]

I have read the agreement and it is 2/3 of majority members must consent

 

[Pfaffing85690]

Then that's your answer. Plain and simple.

 

[tatiami]

Thank you