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 MShore Law Your Own Question
MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
Type Your Business Law Question Here...
MShore Law is online now
A new question is answered every 9 seconds

One of my business partners hasnt contributed to the business

Resolved Question:

One of my business partners hasn't contributed to the business in 10 months. She won't answer phone calls. I can't reach her. The business is not making any money and I have been paying her portion of the bills. What can I do?
Submitted: 5 years ago.
Category: Business Law
Expert:  MShore Law replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. Is it that you desire to terminate/dissolve the business, or just that you want your partner to pay her share of the business expenses? If the latter, is there a written agreement setting forth your friend's obligations?
Customer: replied 5 years ago.
I do not want to terminate the business. We have a verbal agreement for operating cost to pay according to our percent until the business can stand on its own. I would like to remove her from the business.
Expert:  MShore Law replied 5 years ago.
thank you for the clarification, is the business an LLC, Inc., LLP, or general partnership? I ask because unless you are the sole registered owner of the business or there is a written agreement, it would be difficult for you to force the other person out of the business.
Customer: replied 5 years ago.
It is an LLC.
Expert:  MShore Law replied 5 years ago.
Is there a written operating agreement? Are both persons listed as members on the registration documents?
Customer: replied 5 years ago.
There is a written operating agreement. I am the only one on the originating forms that were filed with the state but I did state that there were more members. Here name is XXXXX XXXXX the operating agreement.
Expert:  MShore Law replied 5 years ago.
Thank you, XXXXX XXXXX operating agreement provides that decisions regarding the management of the LLC shall be determined by vote of the members, with majority ownership governing, or that a failure to perform the duties associated with membership can result in the forfeiture of the business you can inform your partner that her ownership interest has been dissolved. What exactly does your operating agreement state with respect to forfeiture of shares?
MShore Law and other Business Law Specialists are ready to help you

Related Business Law Questions