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Richard
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I held stock in a restaurant that is now making cash calls.

Resolved Question:

I held stock in a restaurant that is now making cash calls. Rather than pay into current and future cash calls, I have notified the company that I relinquish my entire investment in the restaurant. Can the company now compel me to continue paying into cash calls?
Submitted: 4 years ago.
Category: Legal
Expert:  Richard replied 4 years ago.

Good evening. It depends upon your agreement and how the entity is structured. If the restaurant is structured as a limited liability entity, such as a corporation, limited partnership, or limited liability company, then unless you agreed in the operating or partnership agreement to be obligated to contribute additional money, then you can not be required to make additional contributions. If the restaurant is structured as a general partnership and you are a general partner, then you are obligated for the partnership's debts.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard, Attorney
Category: Legal
Satisfied Customers: 46125
Experience: Attorney with 29 years of experience.
Richard and 5 other Legal Specialists are ready to help you
Customer: replied 4 years ago.
Thank you for your response!
The company in question is an LLC. I notified them in writing that I wish to relinquish my entire investment rather than make additional cash calls. I agreed to make cash calls based on owning stock, in writing; but I never agreed to make cash calls after relinquishing my investment. I am not a General Partner in the company.
Therefore, based on your reply (which I understand is non-binding legally), it sounds as the act of dis-investing means that I cannot be compelled to make further cash call contributions.

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