JustAnswer > Legal
Ask A Question|Register|Login|Help
JustAnswer

Law

Ask a Legal Question, Get an Answer ASAP!

Have your own Legal question?

25 Lawyers are Online Now
characters left:
Not a Legal Question?
Bookmark and Share

Question

I am 5% owner in a llc partership in Houston, Texas. I haven''t worked with the company since october of last year. I put 5000$ into the company a couple of years ago when I joined/started the company with the other partners. The magority of the company was funded by the majority owner. He died a couple of weeks ago. The company really isn''t doing any business and is basically dead. Should I formally resign from the company to protect my self or something like that and if so, how to I do that?

Submitted: 582 days and 22 hours ago.
Category: Legal
Value: $30
Status: AWAITING CUSTOMER ACTION
+
Read More

Optional Information

Optional Information:
Houston, Texas

Answer

First of all, thank you very much for requesting me.

If the llc has a partnership agreement, that agreement should spell out how the partnership assets are divided at the time of dissolution. The majority owner's estate has the right to his share of the assets.

If you and the other partners cannot agree on the distribution of the company assets, the solution is to bring an action in court for an accounting. An accounting is a court-supervised examination of the assets and a determination of who gets them -- kind of like probating a will.

Picture
Expert: Lawrence N. Rogak, Insurance Atty
Pos. Feedback: 99.4 %
Accepts: 
Answered: 4/18/2008

Lawyer

26 years litigating important insurance and injury cases; well-known legal author

+
Read More

Related Legal Questions

  • What is proper defence for recieving over payment of ...
  • iv been renting a flat for 6 years on a short hold ...
  • Iam an indian lady i was born in mombay in india date ...
  • How long does an employer have to send W2 forms?
  • Can I get a judge to re-hear my case so that I can seal my ....
  • Article "The Exclusionary Rule" Calabresi,
  • To file a claim in the UK, do the damages/tort had to be ...
  • under what circumstances can a jury ask for the death senten...



Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Question List | Become an Expert | Terms of Service | Security & Privacy | About Us
© 2003-2009 JustAnswer Corp.