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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 111568
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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50/50 LLC got Kicked Out, Partner Still Operating

Resolved Question:

I got kicked out of an LLC 50 50 partnership a few months ago. All of the funding came from the other partners father who owns the small building where the business is at and we weren't charged rent. The articles of organization we had a lawyer write up states I own 5,000 shares at 1 dollar apiece (and the business partner 5,000). My partners father claims to have 10-15k invested when we split (details in the next paragraph).
One night after we closed, the business partner took all the cash, drained the bank account and made it impossible to continue business so I did not return. I didn't talk to the business partner much, but he knew what I wanted in order to sign off. Today after a few months, I just stopped in and he told me to either sign over the business for a dollar or get the (explicit) out or he will call the cops. I haven't signed anything at all. He claims he changed the name a while ago (almost positive this didn't happen) although all of the signs on the outside are the same.

Questions: Do I own half of everything having to do with the business even-though I am not there? What do I own? Does it matter that the business partner's dad financed everything if I try to split the business up? (and actually stated in the beginning that we did not have to pay it back- no paperwork signed he just deposited cash). Any other info would be appreciated also, Thank you.
Submitted: 5 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 5 years ago.
If you were an LLC and were a 50% owner and one owner did this, then you have to file suit against the other owner both on your own behalf and on behalf of the LLC for the breach of fiduciary duty he has cause to you and the company. You need to get yourself an attorney at this point and you are going to have to sue them for damages you have suffered. You were entitled to 50% of all assets and debts of the LLC.


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