Business Law

Ask a business lLawyer. Get business law questions answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

My 50/50 business partner and I are no longer able to work…

My 50/50 business partner and...
My 50/50 business partner and I are no longer able to work together. We are getting a business valuation done so that he can sell his share of the company. But he is doing everything he can to make waves. 2 months ago I took on a manager role in order to be down at the business everyday managing employees and operations. It was a verbal agreement (although I am sure I can find some written correspondence in which he is obviously aware of our agreement) so nothing in the operation agreement was changed. But we agreed I would take a $55,000 salary on top of my 50% distribution. He is now demanding I stop receiving my salary due to a part of our operating agreement which states:
Compensation of Members for Services Rendered
Members will not be compensated by the Company for services rendered to or on behalf of the Company, except reimbursement for expenses directly related to the operation of the Company.Is he right and does this apply?
Show More
Show Less
Ask Your Own Business Law Question
Answered in 3 minutes by:
8/15/2017
Roy Hadavi
Category: Business Law
Satisfied Customers: 1,293
Experience: Attorney at Law Offices of Rosenstein & Associates
Verified

Hi. My name is ***** ***** I am a licensed attorney. I would be happy to provide assistance. Please give me a moment to formulate a response.

Ask Your Own Business Law Question

I am sorry to hear you are having difficulty with your business partner.

He is 100% incorrect. The clause refers to a member receiving compensation as a member. However, you are able to be an employee of the LLC and receive a salary as an employee.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow-up or clarification questions, please ask! There is no additional fee. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Ask Your Own Business Law Question
Customer reply replied 10 months ago
upon our verbal agreement I became both an owner and an employee at the same time? And as an employee I am able to receive a salary? Just want to confirm I am reading it right.

Yes, that is correct.

Roy Hadavi
Category: Business Law
Satisfied Customers: 1,293
Experience: Attorney at Law Offices of Rosenstein & Associates
Verified
Roy Hadavi and 87 other Business Law Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a business lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Roy Hadavi Your Own Question
Roy Hadavi
Roy Hadavi
Roy Hadavi
Category: Business Law
Satisfied Customers: 1,293
1,293 Satisfied Customers
Experience: Attorney at Law Offices of Rosenstein & Associates

Roy Hadavi is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
My 50 / 50 Delaware LLC business partner has been withholding
My 50 / 50 Delaware LLC business partner has been withholding my draw request. Could I sue him personally to release the funds? Or do I need to sue the LLC?… read more
BartEsq
BartEsq
Attorney
Doctoral Degree
674 satisfied customers
I would like to make, bottle and sell my grandmothers Iced
I would like to make, bottle and sell my grandmother's Iced Tea. I have been told my hundreds of people that It should be sold in stores. I have NO idea how to get started.… read more
FraudExaminerNate
FraudExaminerNate
Managing Member
Juris Doctor
286 satisfied customers
Can an LLC have multiple operating agreements? We have an
Can an LLC have multiple operating agreements? We have an LLC that is a private placement fund and want to have 2 invesor classes. The current investors stay with the operating agreement they signed. … read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,935 satisfied customers
If there is no operating agreement can I remove someone I
if there is no operating agreement can I remove someone I have added to an LLC in FL? … read more
KLAW
KLAW
Juris Doctorate
2,174 satisfied customers
Under California law can an LLC Operating Agreement be
Under California law can an LLC Operating Agreement be rescinded if there was no meeting of the minds among the parties?… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I had a question regarding my LLC operating agreement and
I had a question regarding my LLC operating agreement and voting rights. … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I have been requested to submit operations agreement or
hi, yes. i have been requested to submit operations agreement or something similar which authorizes me to sign a lease on behalf of my company. i have two documents that i would like to have reviewed … read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,462 satisfied customers
I have a business question for my LLC I own an LLC in Oregon
I have a business question for my LLC I own an LLC in Oregon but are looking to acquire a franchise in Florida under the same LLC … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I am amending a LLC Operating Agreement and removing a
I am amending a LLC Operating Agreement and removing a deceased member. We want to provide a small sum of money to the widow for the deceased members shares. What legal form is required to legally com… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Do Operating Agreements or By Laws have any meaning outside
Do Operating Agreements or By Laws have any meaning outside an LLC or other corporate structure? Our principle founder has moved from including all of the founders under one LLC to us all simply being… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,161 satisfied customers
Do yall draw up LLC operating agreements?. The articles of
hello JA: Hello. How can I help? Customer: do yall draw up LLC operating agreements? JA: Can you tell me what state the LLC is registered in? Customer: Virginia JA: Has anything been officially filed?… read more
DamienJD
DamienJD
Attorney
Doctoral Degree
4,786 satisfied customers
I assigned my patent to an investor. the operating agreement
I assigned my patent to an investor. the operating agreement gave me controlling rights etc however they have now reassigned the patent to another company.… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,462 satisfied customers
We are creating an operating agreement (OA) for how our
Hi there, We are creating an operating agreement (OA) for how our Florida-based LLC should be run. Is there anything in law that says a lawyer must write this or can we (non-lawyers) as owners write i… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,761 satisfied customers
FOR LORI ONLY - This is our operating agreement in full,
FOR LORI ONLY - This is our operating agreement in full, just not with signatures. Didn't have access to scanner today to scan with signatures.… read more
Lori
Lori
Juris Doctor
1,564 satisfied customers
In an operating agreement i need to restricted the manager
In an operating agreement i need to restricted the manager how do i word that professionally… read more
Ely
Ely
Attorney
Juris Doctor
577 satisfied customers
What is the best price for making a LLC Operating Agreement?
What is the best price for making a LLC Operating Agreement? I can give a generic template and then I can tell you few things I want added to meet our needs or you can use your template. Let me know. … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I want to create an operating agreement for an existing LLC
I want to create an operating agreement for an existing LLC in Ketchikan, Alaska. This LLC is principally involved in cultivating cannabis and manufacturing cannabis products. This LLC is a legal and … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,161 satisfied customers
Is an LLC operating agreement between 4 members valid if
Is an LLC operating agreement between 4 members valid if only 3 members signed it ? … read more
Roy Hadavi
Roy Hadavi
1,293 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x