What are my rights if I am leaving the LLC painting business in which I have 2 other partners?

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What are my rights if I am leaving the LLC painting business in which I have 2 other partners?

They currently owe me $3000 from a job and $1000 for 1/2 the work van which is titled in my and partner’s name and insured under my personal policy. I am authorized to use the bank account which will have enough money in it soon. Am I allowed to take my share with proof owed? They don’t want to pay me anything. Also, if they won’t pay me for 1/2 van, can I take it and sell it?

Asked on August 19, 2014 under Business Law, Florida

Answers:

Brian Spaulding / Law Offices of Brian P. Spaulding, LLC

Answered 8 years ago | Contributor

Normally, your LLC's operating agreement will discuss how distributions occur and the procedures for a member leaving the LLC. Hopefully, your LLC has one of these agreements in place. If you do, then consult that agreement, which should answer some or all of your questions. If you do not have an agreement, then the situation becomes complicated.

In regards to the van, by your own admission, the van is titled in both you and your partner's name. Thus, you don't own it exclusively and selling it without consent would be unlawful.

I highly recommend that you either come to a written agreement with your partners and/or seek the advice of legal counsel licensed to practice in your state, as your unilateral intended course of action could come with serious consequences. 


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