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In 2006 we formed an LLC with 2 business partners, and

bought a warehouse in Las...
In 2006 we formed an LLC with 2 business partners, and bought a warehouse in Las Vegas
I own 40%, partner 2 owns 50%, and partner 3 owns 10%.
I live in FL, partner 2 is in TX, and partner 3 is in NC.The warehouse is being occupied by an S-corp owned by partner 2, and had been paying $9800/month to our LLC, for 10 years.
As of Aug 2016 rent stopped being submitted. They are still occupying the warehouse and operating.
All payments, and financial obligations were being handled by partner 2, including payments to the lender, property taxes, HOA payments etc.The loan we got in 2006 on the warehouse is financed through partner 2's lender.
That lender, recently emailed me that it was financed for 10 years (2006-2016), and is now in the process of financing the rest of the balance ($725K) for another 10 yearsWhen asking that lender for information on loan type, interest rate, payments records etc, I was being told he can not provide anything and to call partner 2.
Partner 2 will not answer.
I am concerned that while he is occupying the property, he has purposely stopped paying rent, so that his lender will eventually ask me to pay my share of the monthly loan payment, and eventually forecloseThe warehouse is currently worth about $1.5M.
I want the rent that has not been paid to be paid since Aug 2016, and also to find a way to end my business relationship with this individual
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Answered in 1 minute by:
8/10/2017
Infolawyer
Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 63,684
Experience: Experienced lawyer
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Hello and welcome. I am working on your answer and will be right back!

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It sounds like you have a claim to dissolve the LLC and pursue damages. You may negotiate this through counsel under threat of lawsuit, and if needed, file legal action in state court or if you agreed to arbitration to get that outcome.

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Customer reply replied 1 year ago
Can you give some advice on how to proceed on this issue? I have never been in court or in any legal trouble. I don t know how the system works.I called one attorney that wanted $5000 upfront to review any documents. I don t have that kind of money,and that other partner is a billionaire.

I would have a lawyer reach out and try to settle under threat of litigation, which doesnt serve anyone.

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You may want to have counsel handle on contingency so you dont have down side.

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Customer reply replied 1 year ago
Well I guess my main question is how do I find an attorney that will do this on contingency

Good question. avvo.com, findlaw.com and martindale.com are great resources.

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Please let me know if the reply is fast and clear.

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Customer reply replied 1 year ago
thank you so much

very welcome

Kindly rate me 5 stars.

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Customer reply replied 1 year ago
Will do

Thanks.

Infolawyer
Infolawyer, Attorney
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Satisfied Customers: 63,684
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