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martyburbanklaw
martyburbanklaw, Attorney
Category: Business Law
Satisfied Customers: 163
Experience:  Attorney with a post doctorate law degree (LLM) in tax
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I joined a llc with $2500.00 put in at the start and was ...

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I joined a llc with $2500.00 put in at the start and was listed as a managing partner. When the time came to contribute another $7500 I decided I wanted out. I sent a letter 1 day after the money was due. In the by laws it stated there was a money back if you wanted out. Now I have noticed my name has been removed from the LLC listed with the state of Florida. Can they do this without notifing me and can I get my money back.                                          ;                      Thank you DJ
Submitted: 6 years ago.
Category: Business Law
Expert:  martyburbanklaw replied 6 years ago.

It is hard to answer this without looking at the operating agreement.

How many members are there?

what percentage of ownership did you have?

what was the purpose of the LLC?

 

Customer: replied 6 years ago.
There was 4 people to put in 10,000 each and 1 person who was putting in 60,000 worth of equipment. I am guessing I had no part of ownership since I did not put in the full 10,000 before wanting out. The 3 other people also filed to get out and only 1 person got their money back. The purpose of the LLC was a steel building manufacturer called Steel Building Systems LLC. The split was going to be 60% for the main person and 40% for us 10% each.
Expert:  martyburbanklaw replied 6 years ago.

The way an LLC works is that it is an investment. If you put money into the LLC it can appreciate in value and then it can be sold and you make money. Or it is a profitable business and it pays out distributions. But it can also go down in value, it can also need money to keep going. Depending on the operating agreement members may have to pay if there is a cash call by the managing member. But if you don't pay the cash call that does not mean that your membership interest has no value. It may not be what you put in originally but you should be able to sell your membership interest back to the company or to other investors. Again, these can all be restricted by the operating agreement so you need to carefully read the operating agreement.

Good luck.

Very respectfully,

Marty Burbank, JD, LLM

martyburbanklaw, Attorney
Category: Business Law
Satisfied Customers: 163
Experience: Attorney with a post doctorate law degree (LLM) in tax
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