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LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 34892
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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I am in a family LLC in state. There are 3 equal

Customer Question

I am in a family LLC in Washington state. There are 3 equal members/owners. The LLC owns a beach cabin. The owners are not agreeing on anything right now & I wish to leave the LLC. The operating agreement states that if a member wishes to leave the LLC they get $500. My share is worth over $200,000. Is this legal? Washington state LLC laws I found on line say each owner is entitled to their fare share of the company.
Submitted: 20 days ago.
Category: Real Estate Law
Expert:  LawTalk replied 20 days ago.

Good morning,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.

Rather than just leave, you should seek to have a vote to dissolve the LLC. In the dissolution process the asset(s) of the LLC would be sold and the profits distributes to the members in accordance with their respective ownership interests.

If you are unable to get the Member Votes necessary in accordance with the operating agreement, then you have the option to file a Petition with the court seeking a court order of dissolution. You will need a business law attorney to help you with this dissolution petition.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

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I wish you and yours the best in 2016,