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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
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I am a 50/50 partner under an LLC. my partner sold a piece

Resolved Question:

I am a 50/50 partner under an LLC. my partner sold a piece of equipment without my consent. The buyer already has the tittle to this vehicle. what rights do I have to sue the current owner?
Submitted: 3 years ago.
Category: Business Law
Expert:  Dimitry K., Esq. replied 3 years ago.
Thank you for your question.

You have very little rights here, I'm afraid. What governs is the shareholder agreement under the LLC (you are shareholders, not partners, although in terms of rights it is very similar) and if both of you have the rights to make decisions, either can make the sale without the consent of the other. Your best argument is either if he failed to receive those rights under the agreement (he is not an "offiicer" under the business) or failed to get a good deal, which becomes a breach of fiduciary duty, and you, in your guise as both an officer and a 50% shareholder, can sue him for the value you lost due to his decision.

I am sorry.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 37882
Experience: Run my own successful business/contract law practice.
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