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In our current agreement, one of the clause says" A member may transfer membership interest to any other person without the consent of any other member."
So does this mean that the new buyer has to inform the remaining members and come up with a new partnership agreement?
Do they have to keep the same LLC or would they form a new LLC?
If we have addendum to the current operating agreement is the new buyer bound by the addendum as well?
To resolve the current stalemate, I am thinking of foregoing the profit for 6 months or so. This is unfair to me, as I won't receive anything for my investment. But one good thing is that I can find a buyer if I show 6 months performance
Is it up to the buyer to negotiate a new agreement or do I need to get involved?
Can we have an addendum to the operating agreement that goes into job description and profit split etc? I don't want to update the current operating agreement which has clauses regarding the percentage owned etc.
My question is if the new buyer is bound by the addendum.
What's the usual procedure for addendum? Is it normal for operating agreements to have addendum?
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