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I am the 20% owner of an LLC partnership and my partner

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(super majority) has not paid...
I am the 20% owner of an LLC partnership and my partner (super majority) has not paid me for work done in 12 weeks. Our business agreement states that a member can resign with written notice but I want to make sure I am not liable for any damages afterwards. I think I should have her sign a release and also pay me the amount owed plus business expenses.
Submitted: 7 months ago.Category: Business Law
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Answered in 9 hours by:
12/1/2017
Business Lawyer: KLAW, Attorney replied 7 months ago
KLAW
KLAW, Attorney
Category: Business Law
Satisfied Customers: 2,375
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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To force a buyout and compensation for your work over the past 12 months you can negotiate a buyout. This is done through an agreement.The purchaser of your interest will not AUTOMATICALLY become responsible for you liability. If your bargaining for the sale of your interest, you can include the buyer's (other LLC member)willingness to assume your liability as a part of the negotiations. BUT even if the buyer is willing to assume your indebtedness, and to indemnify you against any loss on account of it, its ultimately up to your creditor to either accept the transfer to the buyer or not. If you can get the creditor to agree, then you can feel comfortable that you have gotten rid of the liability, otherwise there is still some reason for concern, as you are depending on the buyer's promise.The operating agreement of the LLC may contain language the assists you or not, and you need to have that reviewed by an attorney in the jurisdiction where the LLC is domestic.I hope this clarifies. Please don’t forget to rate the question with stars so that I will receive credit and payment for assisting you with your question.
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Business Lawyer: KLAW, Attorney replied 7 months ago
If you have any other questions please just ask
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