How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask wallstreetesq. Your Own Question
wallstreetesq.
wallstreetesq., Attorney
Category: Business Law
Satisfied Customers: 17080
Experience:  10 years, Corp litigation, Of Counsel to several global and nationwide corporation
16356563
Type Your Business Law Question Here...
wallstreetesq. is online now
A new question is answered every 9 seconds

I am a member of a LLC. and as of 1/1/10 it no longer exists.

Customer Question

I am a member of a LLC. and as of 1/1/10 it no longer exists. Prior to last January, I decided to have the other members of the LLC buy me out. Just recently in court they agreed to buy me out of the business. However, for the past two years my attorney has asked for financial documents along with tax documents and they only provided incomplete records which could not even be brought to a professional accountant in order to have accurate financial facts. For the tax years of 2008 and 2009 I have submitted my income tax forms, but will have to amend later. I had to submit without the LLC tax forms, suggested by my attorney; he said mail them in and amend later. How can I complete the 2008 and 2009 if they do not provide me with the original LLC tax forms?
Submitted: 5 years ago.
Category: Business Law
Expert:  wallstreetesq. replied 5 years ago.

wallstreetesq. :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

wallstreetesq. :

Why did the Court not allow a subpeona to be issued for these documents?

JACUSTOMER-1ritr6ve- :

I don't know, my attorney never asked for one

wallstreetesq. :

You cannot in good faith file a corporate tax return without knowing the income available, however since you are in Court, this should be fairly simple for you to request and obtain, ask your attorney to file a subpeona for the LLC corporate returns for the last three years, this would be needed either way, since that is the only way the true value of LLC assets can be known.

JACUSTOMER-1ritr6ve- :

Can you tell me why would my attorney not file a subpeona in the first place? I am beginning to wonder why he would not. My buy out for the LLC is related to property value. I had an appraisal done on the property and value of the rental income. The rental income was not complete because I was not aware of all rental income. The only accurate anaylsis was the property value only. I inherited this many years ago and my older siblings took control and have been very deceitful. What should I do?

wallstreetesq. :

The tax returns are needed to see what the gross and expenses declared actually are, the property by itself does not pait the whole picture of the value of the assets. Your attorney should subpeona these documents now, or ask for them during the discovery phase. If he does not ask him why he did not and make him ask for them now.

wallstreetesq. :

Also, as a member of the LLC you are entitled to these financial documents so the Judge involved should order it.

Related Business Law Questions