Join the 9 million people who found a smarter way to get Expert help

Recent Operating Agreement questions

I previously owned a business with a partner that went

I previously owned a business with a partner that went under. We had opened an LLC together. Now I had signed over 50% of a website that I created when the operating agreement was signed. The business was the victim of a massive fraud resulting in the other partner receiving a promissory note in the amount of $25,000 and a note indicating that until the note was paid that he would be entitled to 25% of the proceeds of any sale of the web site or other intangible web assets.At this time the note is unpaid. The website does not offer/sell any product or have anyway to make a payment on it. It also does not make ad revenue or gather information on customers. It primarily acts as a solicitation looking for people to sell collectible *widgets* and then helps facilitate the sale. In a lien default judgement or forfeiture situation would it be considered an asset or an expense. Seizable? .Can it be sold to a competitor? Can I gift the page to a friend who wants to use it? Can I be forced to sell it>?

Read more

5,184 satisfied customers
Husband owns 51%, I own 49% of our 25 year old LLC He works

Husband owns 51%, I own 49% of our 25 year old LLCHe works full time in business, I founded and worked part time I'm business until 2004, became full time stay at home momHe moved out Jan 2016, we are beginning divorce, he will file but hasn't yetI am not getting 49% of business profitAm getting support, voluntarily , no court involvementAm I entitled to the 49%? And if so how can I claim tWe are amicable but discussing dividing assets is becoming an issueHe will respond to proof that I can claim the $$ , hoping I don't have to go to courtCan I get advice on law to show husband?I have business valuation report and all financial info

Read more

Damien Bosco

Attorney

Doctoral Degree

2,736 satisfied customers
This is a question about a hypothetical situation: If I form

This is a question about a hypothetical situation: If I form an LLC, (I am married in Washington State, a community property state and married currently and married in WA), and manage it on my own, do I need any formal written agreement from or with my spouse regarding this and the activities done via this LLC? Specifically, a post-nuptial agreement is available, but if I manage on my own is this at all necessary? For the post-nuptial agreement in this context, would it have to or best to have it reviewed by each spouse's separate attorney? So, either I can have the LLC and manage it on my own without consent or participation or signatures of my spouse, (need to know about all of those conditions), or I need a post-nup to obtain or form the LLC, and agreeing that I manage it on my own, so is that agreement necessary and then can activities be done on my own as if "single"? Is a separate agreement needed where the spouse agrees I am the manager of the LLC in this way? I was hoping forming the LLC on my own and signing and doing all management on my own would be guaranteed O.K. without any additional agreements, legal agreements. And one further thing: if I name the LLC and manage it, do I sign for real property for example, with my own legal name? What type of ID is required for this, a real estate or business purchase? I would like to keep my name back, and sign as "Property and Business LLC" (or whatever the name of the LLC is), is there a way to do this? And in contrast, can I use a Quit Claim Deed to purchase property without spouse's signature, on my own, or is a post-nuptial agreement required for that method? Thanks, ***** ***** me know if too much for one question and can ask later, this all relates to the one question, in my mind.

Read more

Irwin Law

Juris Doctor JD

8,424 satisfied customers
I went to the bank with my documents to get a copy of what

I went to the bank with my documents to get a copy of what my business partner had submitted to remove me from the account,and the bank refused,and removed my online profile of the account now I'm blind to see the business proceeds that the company is making. I hired an attorney as advised 3 weeks ago but they have done nothing to help my case. Can I file something to close the business,but more importantly file something to keep him from spending the business proceeds or using the company tax ID to open another business account. How do I report him and his aunt who works at dcra? I feel like this matter is taking too long because the business is not worth $100k I guess. Please help.

Read more

Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,502 satisfied customers
A Colleague and I are starting a Life Coaching business

A Colleague and I are starting a Life Coaching business together. Currently, we are sole proprietors, living in Georgia and Virginia. We are becoming 1099 contractors of a Coaching company (I think Inc.) that specializes in working with clients with PTSD. We will be Coaches, NOT therapists.We are trying to decide the best tax/legal structure that best protects us personally and professionally.Questions:1. What are the advantages or disadvantages of forming an LLC together?2. Should we just form our own LLC and collaborate?3. What kind of liability do we need? We will not be covered by the larger Coaching company.Thank you!Jan Klos in Atlanta

Read more

Richard - Bizlaw

Juris Doctor

9,590 satisfied customers
I own 45% of a company and was acting COO for the past 10

I own 45% of a company and was acting COO for the past 10 months. My business partner (55%) is changing the direct of the company so I am resigning and going to be a 45% silent owner. How do I get paid? And what? We have no operating agreement.. we sell about 1k worth of goods a month.

Read more

Asad Rahman

Attorney

J.D.

2,748 satisfied customers
We have an LLC with 3 stockholders, our Operating agreement

We have an LLC with 3 stockholders, our Operating agreement stipulates unanimous votes and one member has been holding up voting on business decisions for over 3 months. How can we proceed, without his vote?

Read more

Richard - Bizlaw

Juris Doctor

9,590 satisfied customers
1 - Does an LLC HAVE to have meetings of BOTH Managers &

1 - Does an LLC HAVE to have meetings of BOTH Managers & Members Can it be just one or the other and if so which#2 Does it need to be separate or can it be as JOINT Meeting of Managers/Members#3 3 of the 6 Members live out of state- can there be annual meetings w/nothing changing and not requiring their signature#4 The issue now is that the LLC is closing down and the minutes were not current when the Corp book was received from the attorney... Cant get some of those MEMBERS signatures.... Your help is appreciated...

Read more

Loren

Juris Doctor

36,210 satisfied customers
I created a single-member LLC 3 years ago and now want to

I created a single-member LLC 3 years ago and now want to add other members to make my LLC a multi-member LLC. How can we change to partnership ? also How can we change to S corp if possible ?

Read more

Richard - Bizlaw

Juris Doctor

9,590 satisfied customers
View more business law questions
In The News