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I am looking for business advise concerning a LLC

Hi, I am...

Hi, I am looking for business advise concerning a LLC partnership in New Mexico. Is this an area you are familiar with?

Lawyer's Assistant: Can you tell me what state the LLC is registered in?

New Mexico

Lawyer's Assistant: Has anything been officially filed? If so, what?

We have an operating agreement. My husband is a 30% member. The 60% member asked him to leave because they have different management styles. We are needing someone to review the operating agreement in order to protect our investment into this company.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I think that should be it for now.

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Answered in 5 minutes by:
9/20/2017
Ely
Ely, Attorney
Category: Business Law
Satisfied Customers: 103,583
Experience: Counselor at Law.
Verified

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

Okay. I can take a look and provide some general information. Is there anything you want me to look for in particular?

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Customer reply replied 10 months ago
Hi, Can you review the operating agreement and see if the majority owner can force my husband out and how is he obligated to pay us our 30% value of the company? In the operating agreement it has a clause for a voluntary buy-out, but I don't see anything specific to one member being forced out.

Sure. Please upload it.

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Customer reply replied 10 months ago
Give me a few minutes, the file is too large (only 16 pages)

Sure. Once it is uploaded, please give me a few minutes to review the file before I reply.

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Customer reply replied 10 months ago
Here is the Operating Agreement

Okay, give me a few moments, please...

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There is no way to FORCE a Member out provided he does not want to go and does everything he is supposed to under the agreement. That is simply not possible given the operating agreement provided, arguably.

"I STRIVE FOR FIVE!" My goal is to answer your question to your satisfaction. Please rate with five stars (★★★★★) and click SEND. It does not cost anything extra to rate. You may need to scroll left/right/up/down to see these stars. Rating my answer the bottom two stars or failing to submit the rating reflects poorly on me, even if my answer is correct. If you are not satisfied for whatever reason, or, have follow up questions, please simply reply with SEND before or after rating and let's continue to chat until you are satisfied. This is what I am here for.

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Customer reply replied 10 months ago
Thanks

You are very welcome. Good luck, and please don't forget to RATE my answer with five stars and then click SEND to submit that rating – it is the only way I get credit for my time with you – or, please use the SEND button to keep on chatting. "I strive for FIVE!"

Ely
Ely, Attorney
Category: Business Law
Satisfied Customers: 103,583
Experience: Counselor at Law.
Verified
Ely and 87 other Business Law Specialists are ready to help you
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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).

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