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CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10244
Experience:  I am a businesses law attorney, with experience advising and representing owners and investors.
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I own a LLC in Florida with another person but we 't

Customer Question

I own a LLC in Florida with another person but we don't have an operating agreement. This person is also my partner (or ex) which is taking advantage of this situation and have change the bank password ***** has taken the vehicle which has the LLC name as
the purchaser and my name as the co purchaser, since I'm the only one with excellent credit history. Can I remove the person from the LLC, and how is this done?
Submitted: 2 years ago.
Category: Business Law
Expert:  CalAttorney2 replied 2 years ago.

I am sorry to learn of this situation. Unfortunately, your remedy at this point (due to not having an operating agreement with dissolution remedies) is to file a court action for "dissolution of the LLC" - it is a court ordered sale of LLC assets, payment of LLC creditors, and distribution of any surplus to the LLC members "pro rata" (meaning you each get an equal share).

This is not a very cost effective way to dissolve an LLC (both of you will incur litigation costs, and it will take a lot of time - I advise retaining a lawyer for this type of action).

Short of filing a lawsuit, you can try to mediate the dispute with them - contact your local bar association and request referrals to mediators, a third party neutral can often help you reach a mutually agreeable resolution. Use the bar association's referrals to contact a mediator or two, the mediator will then contact the other party to set up a mediation session, and you can go from there - hopefully resulting in a formal or written settlement agreement, and save yourself the time and expense of litigation.