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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 45500
Experience:  32 years of experience practicing law and a businessman.
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im in a llc with my step father which is 50/50 partnership

Resolved Question:

im in a llc with my step father which is 50/50 partnership can he legally freeze the bank account from my access
Submitted: 2 years ago.
Category: Business Law
Expert:  Richard replied 2 years ago.

Good afternoon. He cannot. He has no more right to exclusive access to the LLC assets than you would. If he does this, file a suit against him. The LLC assets are not his private piggy bank and as 50/50 members of the LLC, each of you has equal rights.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 2 years ago.

i just wanna be sure im correct so please dont feel that im asking tons of ?'s for the $40

but i checked into out LLC aggreement and its actually 49%me and 51% him. and a few months ago I had captial one call and stated they were removing me from the account due to my exwife had a credit card with me on it that was derog and i needed to take care of this b/c she wasnt. so i paid the transaction a week later and just havent gone back into the bank to readd myself because really it hadnt changed anything due to we have business debit cards that i still used since i am the financial exec. and had to do all the payables/recievables etc... so we just got another card under his name. that was few months back now today i logged on the account and the availible show $0 but current balance is the real balance meaning its there but not availible to use which after talking to bank they confirmed the same. we are dissoluting the business as we speak anyways and stated we sell it all and split 50/50 but in last two weeks he cut the card i was able to use and took the check book then today when trying to pay bills his card declined and same with check online due to him freezing the entire account from my access and he is the only one that can go or call to unfreeze,

i know thats alot of info but i just dont want to be the fool for being wrong, that said does he still have the right to do this with meeting about this? my name physically on it or not its still a biz chkg under biz name belonging to biz, correct? do i have any legal standing to walk in that bank with my operating agreement and ownership % docs and demand information? and yes he withdrew several hundred in cash right before the freeze for his personal.... arent you suppose to have member meetings with witness upon making important biz decisions like this?

thank you so much

ryan mabou

Expert:  Richard replied 2 years ago.
Thanks for the follow up....The 51/49 split makes a big difference....it gives him the majority and thus the control. So, in that instance he is within his rights. BUT, you are within your rights in the dissolution of this business to get 49% of any and all assets of the LLC after payment of all LLC debts.
Richard, Attorney
Category: Business Law
Satisfied Customers: 45500
Experience: 32 years of experience practicing law and a businessman.
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