How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TexLaw Your Own Question
TexLaw, Attorney
Category: Legal
Satisfied Customers: 4430
Experience:  Lead trial/International commercial attorney licensed 11 yrs
Type Your Legal Question Here...
TexLaw is online now
A new question is answered every 9 seconds

North Carolina . Having dispute with partner. Business is

This answer was rated:

North Carolina .
Having dispute with partner.
Business is a llc. 50/50 managing partners ( 2 )
LLC owned commercial building.

Both parties are using building. As well as 3 units rented.

My partner has made decision that has the amount of money's needed by both parties toservice debt and building toIncrease by 90%.

I ha

I have a problem with this and was informed by partner that if I didn't pay new amount
That I would have to leave my LLC's building.

Do you have an operating agreement which sets out what to do when there is a disagreement between you?

Why does he believe that he has more authority than you if you both have a 50% interest and both are managing partners?

If there is no operating agreement, how do you normally resolve a tie?
Customer: replied 3 years ago.
Good morning.
Answer to your questions.

1 will check on operating agreement.
If memory serves, there is no spelled out process.
It was my suggestion to 49/49-2% arbitration at the formation of Llc,That idea was discounted as unnecessary.

2. Authority is the way he rolls, as far interest in llc. It is 50/50,

3. Never have had a problem.

Thanks for your fast response.

Thank you for your response.

The operating agreement will control this situation, so its best that you take a look at it and get back to me before we continue the discussion. I will stand by here and wait for you to get back to me on it.

Customer: replied 3 years ago.
Thanks for all your help will get back to you with info.
TexLaw and 4 other Legal Specialists are ready to help you

I saw you just gave me a positive rating. Thank you. Were you able to locate the operating agreement?
Customer: replied 3 years ago.
Not as of yet but working on it.

You might be able to help me out with another question I have just asked.

I am planing to write my corporation a lease, this lease will be from the LLC. This lease will signed by me a 50% managing partner of the LLc.

My partner is working his way under my skin. So this will help me quiet
his demands.

Do you know of a good online lease form that leans towards the lease holder.

John west

Was wondering
I do not know of any lease forms online that are in favor of the landlord other than residential leases which are offered by the local landlord associations.
TexLaw and 4 other Legal Specialists are ready to help you
Customer: replied 3 years ago.

Hello, I must have misinformed you.
I would like one that favors the customer, and that is flexible.
As well as very precise .
John West
Are you referring to a residential lease or a commercial lease?
Customer: replied 3 years ago.

Building & grounds
Thanks. Unfortunately, these type of leases are generally not in a form which is available for free online. The only place I've located such a lease form is in a legal form websites for which you must pay. Such as:|fdlaw
TexLaw and 4 other Legal Specialists are ready to help you
Customer: replied 3 years ago.
We were working on dispute resolution. With llc, dealing with financial dispute.

Dispute resolution is through the NC, court system.

Partner actions have increased the cash outlay for building and he has informed me that I will pay increased amount, or leave building.
The llc is 50/50 both managing partners.
My take on this , He is shit out of luck. He must take action in court system, this action would be in the form of law suit. Which would be shurly be defended &jury trial will be requested.

So need opinion of my take of law involved.

Also I want to produce a lease for the part of building my business uses.
This lease will be from the llc to a third party , with my signing for the llc as managing partner.

So let me know
You have been vert helpful

Related Legal Questions