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lwpat, Attorney
Category: Business Law
Satisfied Customers: 25387
Experience:  Attorney with over 35 years of business experience.
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We are an LLC in Florida with 3 partners. One of the partners

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We are an LLC in Florida with 3 partners. One of the partners has ceased to do any work and is now riding the coattails of the other 2 partners. We each own and equal 33% of the company...what can the 2 working partners do to legally remove the 3rd partner and make sure he has no claim to future shares or business profits?
Unless you have an operating agreement that covers the situation, you will either have to buy him out or dissolve the LLC. Either way you and your partner need to execute an operating agreement and I recommend that the two of you sit down with an attorney.

Buying him out or dissolving are your only options.
Customer: replied 7 years ago.
Do you have any realistic formula on which to base an appropriate buyout figure? Thank you for your time.
Here it is going to be whatever he will accept. Sounds like he is on a gravy train so he is going to be difficult. Waht to offer depends on the assets in the LLC. What I usually tell people is to make it a buy or sell offer. Either I will buy your share or sell you mine.
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