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When forming the LLC I listed the minor as a managing member as well, would I still be able to dissolve the LLC? Also even though the majority of all purchases were made with my invested money and under my name, I would still have to divide the property 50 50?
If I were to go with buying him out, could I offer to keep him as staff but not as a owner/Co-owner rather then having him removed entirely?
Also he currently has access to pretty much everything that a Owner would have access to. In the event he decides to go off in spite due to the dissolution or from being bought out and changes passwords or cause irreparable damage to data on our servers, would I be able to pursue legal action?
An if I'm able to buy him out, would I be able to change the name under the LLC without dissolving it and would this ensure that he wouldn't have a further connection to the companies start up?
3a. Buying him out of his ownership rights would void him from being a member, in which case it would be safe to keep the LLC name as is, right?
Can the buy out consist of a trade like him remaining in the company as staff rather then buying him out with money.
Where in the following form would I place the terms of trade since I wont be buying out with money.
Transfer Agreement: http://www.lawmart.com/forms/bus-lc11.htm
Though hes a minor, is he still able to sign this so long as we have witnesses?
Well after long thought and consideration I came to the same conclusion. So in doing so I will for certain be able to break all ties that he has with the company?
I have a sample Operating Agreement; what description would I put for the occurrence that resulted in the limited liability company’s dissolution.
"4. A description of occurrence that resulted in the limited liability company’s dissolution pursuant to section 608.441, Florida Statutes, (copy 608.441 on back cover letter)."