How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask INFOLAWYER Your Own Question
Category: Business Law
Satisfied Customers: 56537
Type Your Business Law Question Here...
INFOLAWYER is online now
A new question is answered every 9 seconds

I have an llc business and my partner is 50.5 in shares and

This answer was rated:

I have an llc business and my partner is 50.5 in shares and I am 49.5. He is in financial ruins with divorce, foreclosure and much more. He owes the company $14,000.00 dollars in draws and needs cash right now to pay his divorce attorney,($10,000.00). He is looking to sell one and a half shares so he can come up with cash for the attorney and pay off some of his debt. He has not given me a written notice that he intends to sell some shares and at what the cost is per share. Which as a member I legally have thirty days to either buy the shares or not. He did ask me if I wanted to buy the share at an enormous amount which I refused. This question is two-fold, can I expell him from the company if he sells the shares and does not provide me with a written notice and the amount?, and the mortgage companies are coming after him for the balance of the second. Can they come after his assets of shares in the company??
What specifically do you want to know and accomplish?
Customer: replied 7 years ago.
Can I expell him as a business partner if he sells the shares without giving me written notice to sell the shares and at what price, or can his creditors attach any kind of lien on his assets in the llc. I do not want him as a business partner anymore due to him owing the company $14,000.00 dollars for two years, mortgage company comming after him for $375.000 on the second mortgage of his foreclosure, his divorce hearing is in March and I am sure that he will have to pay spousal support, which he most likely will file for bankruptcy.
You can seek to buy him out, sue for dissolution or else vote him out if the agreement gives you enough control.
INFOLAWYER and other Business Law Specialists are ready to help you