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We do not have a formal, documented operating agreement. We are organized in Florida as an LLC. I am not sure if that means, by Florida law, if we require a majority vote to force a sale of ownership shares. Even if it does, we DO have a majority...2/3 of us want to force his sale of ownership shares.
So, we cannot just amend the articles of incorporation to remove him from the corporation? I'm assuming that he could sue us for doing that.
The business now is in poor financial health. Can we close the business with a 2/3 owner consent? If we did that, could we reorganize without him and start under another name?
I'm not sure what the arbitration process is about. We (my partner and I) don't have money to "buy out" the other partner. How does that "force" his sale?
I know I have alot of questions, but again, few funds to retain legal representation. Is there a resource that you could point me to that could help us with all these questions help devise a proper strategy?