What is the name of your state (TX)
I am part of an LLC where I have 24%, my partner has 26% and his daddy has 50% (to be dissolved and split between me and my partner once debts are paid as he is a primary financial backer of the business)
After over 2 years of very hard work, on Monday,10/19, I was suddenly and without any notice, voted out of my LLC partnership, asked for my keys and told this is because somehow I am a liability to the company. In reality, it is my skillsets which have allowed us to open a 2nd location and not go under our 1st year. I am being pressured to sign, told I must either accept #1) 15k, and a stipulation I will not open a similar place of business within 5 miles, or #2) Retain my shares but be on the hook for $140,000 in bank loans when I am quite sure the business will tank without my being a part of it to govern things, or #3) The LLC may be disbanded and all I will receive is the monetary capital (roughly 5k) which I put into the business.
Most of my contribution is sweat equity and the business expertise which my partner frankly does not have. I went into business with him because his dad had the money and I had the Skills, so it seemed a good fit. Now that there are two stores open, I feel I was dismissed so that my partner can enjoy all the profits we are about to make. I am waiting for a copy of the Operating Agreement, if we have one. I was left out of all the financials and am not sure how to get a hold of that information. My partner handled the finances. My expertise is in running things and keeping the employees and public happy. What should I do, what are my options? Can I really be voted out, just like that? Is there a nepitism case here?What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
I am part of an LLC where I have 24%, my partner has 26% and his daddy has 50% (to be dissolved and split between me and my partner once debts are paid as he is a primary financial backer of the business)
After over 2 years of very hard work, on Monday,10/19, I was suddenly and without any notice, voted out of my LLC partnership, asked for my keys and told this is because somehow I am a liability to the company. In reality, it is my skillsets which have allowed us to open a 2nd location and not go under our 1st year. I am being pressured to sign, told I must either accept #1) 15k, and a stipulation I will not open a similar place of business within 5 miles, or #2) Retain my shares but be on the hook for $140,000 in bank loans when I am quite sure the business will tank without my being a part of it to govern things, or #3) The LLC may be disbanded and all I will receive is the monetary capital (roughly 5k) which I put into the business.
Most of my contribution is sweat equity and the business expertise which my partner frankly does not have. I went into business with him because his dad had the money and I had the Skills, so it seemed a good fit. Now that there are two stores open, I feel I was dismissed so that my partner can enjoy all the profits we are about to make. I am waiting for a copy of the Operating Agreement, if we have one. I was left out of all the financials and am not sure how to get a hold of that information. My partner handled the finances. My expertise is in running things and keeping the employees and public happy. What should I do, what are my options? Can I really be voted out, just like that? Is there a nepitism case here?What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?