Wisconsin.
Thanks in advance for reviewing my post. We have four partners currently. Here's where it's a little weird. All four of us started out the Operating Agreement with our percentages as follows: 30/30/30/10. 3 Months in to the business/OpAgreement the 10% partner decided to leave the company. We signed a doc removing him from the company and that was that. Now one of the 30% owners basically gave up, disapeared, won't answer calls, emails, etc. Most definitely does not complete his duties. We'll call him "30% owner Z"
So we want to remove him, buy out, whatever. He's not cooperating and certainly not helping the business. In my recent review of our operating agreement I noticed "NO one individual member can Voluntarily remove themselves from the business within 6 months from sign/dating the Op Agreement. I think, in my opinion this is great because the 10% we thought we removed is still legally an owner & we need a 66% Vote to remove this non cooperative owner and we just found our that the 10% owner is in fact a 10% owner after all. The release document we had him sign was within the 6 months and from I know does NOT supersede the OP Agreement. The 10%'er is willing to vote with myself and the other 30% owner to remove "30% owner Z". This way we have a 70% vote fulfilling what the OP Agreement required. My questions are these. Do we need a special form signed by the three people voting him out to make the "vote out" legal and what do financially owe the member voted out as far as dollars? Would it be 30% of the current company worth? In my eyes this mistake worked in our advantage but I surely wanted to double check. Thanks again.
Thanks in advance for reviewing my post. We have four partners currently. Here's where it's a little weird. All four of us started out the Operating Agreement with our percentages as follows: 30/30/30/10. 3 Months in to the business/OpAgreement the 10% partner decided to leave the company. We signed a doc removing him from the company and that was that. Now one of the 30% owners basically gave up, disapeared, won't answer calls, emails, etc. Most definitely does not complete his duties. We'll call him "30% owner Z"
So we want to remove him, buy out, whatever. He's not cooperating and certainly not helping the business. In my recent review of our operating agreement I noticed "NO one individual member can Voluntarily remove themselves from the business within 6 months from sign/dating the Op Agreement. I think, in my opinion this is great because the 10% we thought we removed is still legally an owner & we need a 66% Vote to remove this non cooperative owner and we just found our that the 10% owner is in fact a 10% owner after all. The release document we had him sign was within the 6 months and from I know does NOT supersede the OP Agreement. The 10%'er is willing to vote with myself and the other 30% owner to remove "30% owner Z". This way we have a 70% vote fulfilling what the OP Agreement required. My questions are these. Do we need a special form signed by the three people voting him out to make the "vote out" legal and what do financially owe the member voted out as far as dollars? Would it be 30% of the current company worth? In my eyes this mistake worked in our advantage but I surely wanted to double check. Thanks again.