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John
John, Attorney
Category: Business Law
Satisfied Customers: 5385
Experience:  Licensed and practicing attorney helping businesses achieve their legal and practical goals.
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Business partner took me off joint bank account, called bank

Customer Question

business partner took me off joint bank account, called bank corporation they froze the account to investigate? we have a joint LLC. A-one construction LLC. he will not have any contact, there is a 3 year contract with the city of Ecorse, with our company what rights do i have to stop this person from taking a company that is half mine?
Submitted: 1 year ago.
Category: Business Law
Expert:  John replied 1 year ago.
Hi, thanks for submitting your question today. My name is***** have over 13 years of legal and consulting experience in this area. I’m happy to assist you with your question today.
Certainly you cannot be taken off a joint account, if it is truly joint, because the meaning of a joint account is that all the holders ofthe account have an equal and undivided right to access the account. It's not clear to me, other than bank error, how he would have you taken off that account.
As to future matters, you'll need to access your by-laws and/or operating agreement. Generally a member may only be taken out of a an entity by majority vote of the others and for specific reasons, but in some cases, even assuming the contract allows that the minority (the member with less interest than one or more others) shareholder can sue for minority shareholder oppression and the circuit court; in your case I believe Wayne County Circuit Court. The theory of such lawsuits is that the majority shareholder(s) are misusing their majority status to the opress the minor holder's interest and/or drive him out.
I believe this answers your question. However, if you need clarification or have follow-up questions regarding this matter, I will be happy to continue our conversation – simply reply to this answer. If you are otherwise satisfied with my response, please leave a positive rating as it is the only way I am able to get credit for my answers. Thank you, ***** ***** wish you all the best with this matter.