What is the name of your state (only U.S. law)? Vermont
Under VT Statutes, for an at-will LLC, a member has the right to dissociate themselves at any time. It doesn't appear we can put in a time requirement (other than the 90 days required notice) for staying a member under an OA.
The action of the dissociation of the member triggers a requirement to buy the interest of the member.
What happens if the LLC does not have the money to buy the interest? What is to keep a member from becoming a member, gaining the member units (interest) and then dissociating within a few months if the interest went up even a bit? If the member has a lot of interest, the LLC would not be able to pay?
We have to form an LLC as invest groups won't invest in S corp.
Thanks for any help. This has me confused.
Under VT Statutes, for an at-will LLC, a member has the right to dissociate themselves at any time. It doesn't appear we can put in a time requirement (other than the 90 days required notice) for staying a member under an OA.
The action of the dissociation of the member triggers a requirement to buy the interest of the member.
What happens if the LLC does not have the money to buy the interest? What is to keep a member from becoming a member, gaining the member units (interest) and then dissociating within a few months if the interest went up even a bit? If the member has a lot of interest, the LLC would not be able to pay?
We have to form an LLC as invest groups won't invest in S corp.
Thanks for any help. This has me confused.