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In Nov. a voting agreement of majority (registering agent and

other managing agent agreed) the...
In Nov. a voting agreement of majority (registering agent and other managing agent agreed) the party being removed disagreed yet, when the majority voted yes we did so. This action was necessary because it was the first action necessary to remove him from the bank account. We had to remove him from having access to the account because without notifying the other two partners he elected to PAY HIMSELF more money. This and several others actions some of mis management of the funds and one other action when he removed 20,000 from the account, again paying himself this amount without our knowledge. When we discovered what he did in order to protect the company we voted him off the LLC, removed him from handling the financial job responsibilities of the company /LLC --- and began doing our best to get the accounting straight and recover from the funds taken without our knowledge. Did we take the right steps.
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5/4/2011
BizLawyerNate
BizLawyerNate, Attorney
Category: Business Law
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Experience: 7 Years of Legal Experience Representing Small Business Owners
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Thank you for your question and welcome to Just Answer.

Yes, you did. Technically, you would owe him for his percentage ownership, but I'm betting that is somewhat offset by what he embezzled.

I don't know if it matters to you to prosecute him, but what he did was criminal. If you think it's worth getting the money back he stole, a criminal prosecution would include repayment as well.

I will be happy to follow up with you if you have additional questions. In the meantime, please click ACCEPT so that I can get credit for answering your question. Of course, if you really liked what I could help you with, please consider a Bonus, too!

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BizLawyerNate
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Customer reply replied 6 years ago
Since the one managing agent was removed within the law of LLC and he no longer is on the LLC or the bank account for the removing monies from the account without the other two managing agents even knowing about it does he have a right to have copies of the LLC records?
Absolutely not. If he is no longer a member, he has no right to view or possess any company records.
BizLawyerNate
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Customer reply replied 6 years ago
QUESTION: Before the one partner was removed from the LLC... when we discovered this one partner had raised his weekly pay without notifying us we brought this action to his attention that he could not pay himself back for any monies he put into the company without a vote. When we discovered he had increased what he was paying himself and he also took out a lump sun of money from the checking account for the very same reason we told him that without a votes it was illegal. He became very upset saying he could do whatever he wanted and what he did was not illegal. He indicated it was money he spent and had every right to pay himself back. We told him he could not do that without informing the other managing agents of the LLC. Is he right or are we?
You are correct. Disbursements can only be done pursuant to a vote or by provisions in the operating agreement. One cannot independently just take money out.
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