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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10640
Experience:  30 years of corporate, litigation and international law
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There is an Ohio LLC with 2 members. There is no Operating

Customer Question

There is an Ohio LLC with 2 members. There is no Operating Agreement. One of the members "walked away" from the business 9 years ago.
Suddenly, he shows back up with a lawyer and wants an Operating Agreement wherein he wants to be able to make business decisions, but not contribute to the operation of the business. It's a bar/restaurant. He doesn't want to work but he wants to make decisions affecting the business. Isn't there a Statute of Limitations on this sort of thing?
Submitted: 4 years ago.
Category: Business Law
Expert:  Richard - Bizlaw replied 4 years ago.

bizlaw :

Hello, I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for. How much did he originally invest? What did he receive when he walked away? What was the understanding when he walked away?