If I started an LLC last year with intentions of going 50/50 with a partner, however, it hasn’t been working out and was wondering what I should do?
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If I started an LLC last year with intentions of going 50/50 with a partner, however, it hasn’t been working out and was wondering what I should do?
My name is the only one on the LLC; my partners name is not. The federal tax ID number is under my social and basically everything has been my brainchild. My partner is not pulling his part of the weight by any means and the only thing binding us together is this written partnership/member agreement that binds us for about another 8 months. The document was downloaded off the internet and there was no legal person present when it was signed. Is there any way to null the document without him taking me to court if I ever need to split ways with him?
Asked on April 19, 2012 under Business Law, Idaho
Answers:
Glenn M. Lyon, Esq. / MacGregor Lyon, LLC.
Answered 11 years ago | Contributor
You cannot void the contract unless the contract itself allows you to do so under certain circumstances; that is the whole point of the agreement. So, you will have to either buy out your partner or abide by the terms of the agreement, or risk liability for breach of contract and possibly your fiduciary duty. Ownership records are not kept with the Secretary of State, so there can't be "one name on the LLC."
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