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socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 39048
Experience:  Retired (mostly)
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I need to understand my rights as an llp member. my

Customer Question

i need to understand my rights as an llp member. my partnership is based in Idaho, they just sold a significant amount of property that we owned together and are have not been forthright about the details of the sale, what is left in the estate, how much money they are re-investing(tax free) ect...
ultimately I may want to withdraw from the partnership. I would like to receive my shares(i have no idea what they are) and sever from the llp altogether .
Submitted: 1 year ago.
Category: Business Law
Expert:  socrateaser replied 1 year ago.

Hello,

A partner may "dissociate" from an LLP at any time. However, the partnership agreement controls each partner's right to the return of partnership contributions (and profit distributions). Typically, the partnership agreement will contain a "buy-sell" provision, under which the partnership will repurchase the dissociating partner's shares for fair market value. However, determining that value can be quite difficult, if the LLP is a private closely-held entity.

You may want to contact local legal counsel to review the partnership agreement. Or, if you want me to send you an additional services offer to review the agreement, I can do that (n.b., customary legal services fees will apply). Please let me know if this is of interest to you.

If not, and you would like a link to a reputable lawyer referral service, please let me know that my answer is helpful, and I will be happy to provide further information.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.

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