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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!
Good evening. What's your question?
Thanks for responding. I don't really have enough facts to provide a complete and accurate assessment. Therefore, I am going to opt out to open your question up to all experts so another expert can hopefully timely provide you the information you seek. Please do not respond to this post as it will only slow the process of such an expert picking up your question. Take care.
Do you have a written partnership agreement now?
If you are referring to an operating agreement, that implies this is a limited liability corporation. Is that correct?
Now without going into details or specifics, it sounds like you want to change the terms of the operating agreement. Have you discussed this with the other member(s).
You want to take a higher management fee. Is that set forth in the operating agreement now? You as the majority owner could probably change this but if the other person disagrees, then that could cause some strife. If you want to have more of a majority ownership, the other member would have to agree and there could be a payment to that effect. If you put in the money and he did not, you would have in the operating agreement that you would be paid back your money before other distributions. We can discuss more if you want to do so.
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