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Formed LLC in December, 2008 in Indiana. In June, partner began to be hard to get a hold of, then on July 5th his phone was shut off and had no contact with us until we received a letter from him dated July 14th. His letter stated he wanted out and didn't care how or if we split up the assets. He had had enough with the business and not to contact him in any way. During this time, we completed the work he had contracted to do and was paid for it. Does he have any rights to that money? Can we keep business open? What can we legally do with the assets? (tools, wrecker, welder, air compressor-all purchased with business money? He also worked during the time of no contact under the business name but did not confide as to how much $ was earned. Is this abandonment of the partnership? Thanks Karen
Optional Information: State/Country of Question: Indiana Already Tried: Nothing-my attorney cancelled my appointment after waiting 2 weeks to get in.
Thank you for using JustAnswer! Did you have any bylaws drafted when the LLC was created?
NO
Thank you. From the facts that you've described, yes, you can keep the assets and you don't have to pay him anything (unless he asks for it). You should have your articles of incorporation amended to have his name removed. The business can remain open. Good luck and best wishes! I hope that you find this information to be helpful and this answer to be ACCEPTable!
Well, I just opened the mail and found another letter asking what we were doing about selling the assets and paying him. He also wants paid for the work that he did not complete but that the other partner completed.
Well, that's nice of him. Something you can consider is, if you do nothing, what documentation and proof is he going to use in any lawsuit to try and support a claim that he is entitled to anything (or if he can prove that he's entitled to something, what is it, dollar-wise, and how can he prove it)?
Experience: Explains legal matters based on 14+ years experience.