How many members are there of the LLC? You can't have a LLC and it also be a partnership unlesss the partnership is a named member. So, this is an LLC - correct? Not a partnership - correct?
Yes it is an LLC and there are 2 members.
Well as to the special meetings - that's their call - that's bunk and NO.
As to the not meeting necessary operating expenses - what do your By-Laws state about termination or buy-outs of a member's ownership interest?
That's good. I may have to get back to you tomorrow because I have to get something else done.
However, I don't think that they can do what they propose - they are just blowing smoke - don't let them push you around. There are other avenues that they can take for recovery of additional monies they put into the business beyond what you did.