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MShore Law
MShore Law, Attorney
Category: Business Law
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Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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My friend has a minor partnership 5% in business(sleeping partner).

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My friend has a minor partnership 5% in business(sleeping partner). He is not getting any update about firm since last 2 and half years. Sent emails about 13 asking about updates, didn't received any money more than 1 year. Again asking about it and no answer. Lives in different state so can't able to visit personally. Now, want to get rid of partnership. Sent email about it since last 2 months and again no answer. How we can get out of business with money as per current market price? What we can do lawfully? There are 4 ohter partners. Email sent to all everytime. We are getting only statement from accounting firm which show firm is not in loss.
Submitted: 2 years ago.
Category: Business Law
Expert:  MShore Law replied 2 years ago.
Thank you for the post, I am happy to assist you by answering your questions. Does the statement from the accounting firm show that the business is profitable? What is the structure of the business? (LLP,LLC, Inc.?)
Customer: replied 2 years ago.


LLC


Yes firm is in profit

Expert:  MShore Law replied 2 years ago.
Thank you, XXXXX XXXXX money is in dispute?
Customer: replied 2 years ago.


I don't know. I just want tonow how my friend can get out of partnership. It's a motel business.

Expert:  MShore Law replied 2 years ago.
ok, your friend would need to retain counsel to send the LLC members a demand for liquidation of his interest in the partnership and payment of the value of his shares, else your friend file a lawsuit for breach of fiduciary duty, shareholder oppression, negligence, and fraud. I was asking how much money is in dispute because I was trying to discern whether it is worthwhile to retain counsel to act on his behalf or not. If your friend is a fairly sophisticated investor he may be able to bring a small claims suit on his own, but if the value of the claim exceeds the small claims cap then he would certainly need counsel. Please let me know if you have any follow up questions or need additional guidance.
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
MShore Law and 8 other Business Law Specialists are ready to help you
Customer: replied 2 years ago.


how he can bring a small claims suit on his own? He is in NC and business is in Iowa? He invested 10K and as per current marketbrate he should get 50K.


 

Expert:  MShore Law replied 2 years ago.
Do you know whether the operating agreement stipulates Iowa as the venue for suit?
Customer: replied 2 years ago.


no

Expert:  MShore Law replied 2 years ago.
No, as in you do not know, or no as in the operating agreement does not state Iowa as venue?

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