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wallstreetesq., Attorney
Category: Business Law
Satisfied Customers: 17237
Experience:  10 years, Corp litigation, Of Counsel to several global and nationwide corporation
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My business partner and myself created a llc with split equity

Customer Question

My business partner and myself created a llc with split equity shares. He hired an office manager, whom I have had a year relationship with off and on, to which he knew, to run our ops. He now has come to me asking me to forfeit my shares and resign because of this off and on again relationship under the premise that she could potentially sue. For what? Was my response.

Any suggestions?
Submitted: 7 years ago.
Category: Business Law
Expert:  wallstreetesq. replied 7 years ago.
he cannot do that, in fact you are both partners to the LLC, and unless you have some operating agreement which states specifically that a relationship with a co wroker is a violation of the partnership than he has no standing. He would have to buy you out for the current value of the shares you own.
wallstreetesq. and 2 other Business Law Specialists are ready to help you
Customer: replied 7 years ago.
I am currently in a relationship with an outside party. He also threatened to make public my previous relationshiip with ops manager if I did not forfeit my shares and resign. he Basically said I would ruin my personal life if i didn't give my shares and resign. Is that blackmail?
Expert:  wallstreetesq. replied 7 years ago.
that is blackmail, alsoand possibly extortion, and he is technically stealing your assets of stock for no money.
Customer: replied 7 years ago.
What should be my game plan? He is wants and answer in to days.
Expert:  wallstreetesq. replied 7 years ago.

contact a lawyer, and have him write a letter, stating all legal action will be explored if he does not cease in his actions, also have the attorney state criminal charges will be brought up if he pursues his coarse of action.