What are my rights if I am leaving the LLC painting business in which I have 2 other partners?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 9 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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.