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Loren, Attorney
Category: Business Law
Satisfied Customers: 34091
Experience:  30 years experience representing clients .
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How do we dissolve a LLC that has no money only furniture for

Resolved Question:

How do we dissolve a LLC that has no money only furniture for assets? Do we have to get an appraisal of the furniture before selling or can we just sell it and get what we can to pay off any remaining bills? Does the partner we voted off the LLC because of his action of taking money for himself without asking the other two managing agents have any rights to see any of the bank records after he was removed from the LLC. Prior him being removes he had all the records because he was keeping them.
Submitted: 6 years ago.
Category: Business Law
Expert:  Loren replied 6 years ago.
You dissolve an LLC by filing articles of dissolution with the Secretary of State.if a former member files for an accounting of the LLC the court can order production of the bank records. You do not need an appraisal of the furniture if the sale price is around market value for used furniture.
Customer: replied 6 years ago.

What does that mean an accounting of the LLC.

I am confused... this member was removed from the LLC because he removed finds from the LLC that he paid to himself without the knowledge or approval of the other members. It was my understanding that although he is require to his share if any share remains after paying off the bills... HE owns 20% another member 20% and me 80% however it was also my understanding HE OWES the LLC 80% of what he took illegally when he paid himself without change a majority vote.
Expert:  Loren replied 6 years ago.
an accounting is an action where the member asks the court to intervene in determining how much a member is owed for their interest. If he were to file an action for an accounting your defense is the fact that he stole money from the LLC and, by doing so, has lost his membership or, at least, should set off any amount owed.
Customer: replied 6 years ago.
Last question on this because I am still a little unclear... can we prevent a count action by showing documented proof of his action and a willingness to take an accounting and provide him proof after all is paid off?
Expert:  Loren replied 6 years ago.
Yes, if you can come to some settlement with him and get a signed release from him, that should cut off his right to take any court action.
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