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the sale of the assets would not be under protest per-say if i sell the assets and he wont agree to a final sale price (witch i foresee), then he would be under protest. and no he ha not been declared incompetent yet, i have to figure that one out next.
he had put money in to our llc and is now declaring it a loan
hence the potential sale of some assets
I do not no if it makes a difference but the business is located in Maryland.
that will be the most logical option yes. I am getting to that soon, but we cannot reach a nominal figure for the assets to even attempt to pay
john and wane have a saw
john wants to sell it for just below list value
and wane wants above list value
they cant agree on a price to sell the saw for
there's my issue
i would like to sell the equipment out right and get cash to pay him
to get him off my business but if i don't have the authority to determine final sale price i can not even attempt on paying him any thing
family is usually the worst in situation like this
the articiale of corporations wasn't declared for sale, investment or structure other than persent of ownership
i feel like i don't even have to pay back his investment
sense it was never established that it was a loan
in an operating agreement am i correct?
$200,000 allegedly, on the books i have found $140,000
i am a small business who is under the 5 year hurdle doing very well but the profits at the end are not there yet
that kind of figure would force me to shut down or be digging out of a hole for a long time. my business has little to no debt
the assets that were purchased add aprox 20% gross sales to my revenue, and selling them would be a feasible option
times are tight and every dollar is accounted for
thanks very helpful
one more though
is there any thing more that i can do to get him off this business with out him suing me for the money invested
i have thought about the mentally incompetent aspect and realized that can be very tough to prove