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Attorney2020, Attorney
Category: Business Law
Satisfied Customers: 2579
Experience:  I am a practicing attorney. I have experience in business law, bankruptcy, real estate law and estates.
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I have a question about an LLC in Maryland.

Customer Question

Hi. I have a question about an LLC in Maryland.
Submitted: 2 years ago.
Category: Business Law
Customer: replied 2 years ago.
Hi. I thought this would be setup as a chat. I own a business in Maryland that originally was supposed to have 3 partners. Two of the partners put up all of the funding and about 6 months of time setting the business up. The third partner was supposed to put in sweat equity. We operated for about a month (all three of us) and then the third partner became extremely difficult and decided to stop showing up. We didn't even get to the point of signing an operating agreement that was drafted, but the third partner was issued a k1 form as 1/3 of the business. The two owners that put up the money want to continue running the business to at least make back the initial investment. What are our options at this point? Would the third person even be considered an owner? We want to dissolve this business, but the third person will not respond to our requests and we don't want to spend tons in litigation fees if not necessary over this. Any advice would be appreciated.
Expert:  Attorney2020 replied 2 years ago.