Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
the sale of the assets would not be under protest per-say if i sell the assets and he wont agree to a final sale price (witch i foresee), then he would be under protest. and no he ha not been declared incompetent yet, i have to figure that one out next.
he had put money in to our llc and is now declaring it a loan
hence the potential sale of some assets
I do not no if it makes a difference but the business is located in Maryland.
that will be the most logical option yes. I am getting to that soon, but we cannot reach a nominal figure for the assets to even attempt to pay
john and wane have a saw
john wants to sell it for just below list value
and wane wants above list value
they cant agree on a price to sell the saw for
there's my issue
i would like to sell the equipment out right and get cash to pay him
to get him off my business but if i don't have the authority to determine final sale price i can not even attempt on paying him any thing
family is usually the worst in situation like this
the articiale of corporations wasn't declared for sale, investment or structure other than persent of ownership
i feel like i don't even have to pay back his investment
sense it was never established that it was a loan
in an operating agreement am i correct?
$200,000 allegedly, on the books i have found $140,000
i am a small business who is under the 5 year hurdle doing very well but the profits at the end are not there yet
that kind of figure would force me to shut down or be digging out of a hole for a long time. my business has little to no debt
the assets that were purchased add aprox 20% gross sales to my revenue, and selling them would be a feasible option
times are tight and every dollar is accounted for
thanks very helpful
one more though
is there any thing more that i can do to get him off this business with out him suing me for the money invested
i have thought about the mentally incompetent aspect and realized that can be very tough to prove
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).