Business Law

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

Ask a Lawyer,
Get an Answer ASAP!

Test

Customer Question
Test
Submitted: 29 days ago.Category: Business Law
Ask Your Own Business Law Question
Customer reply replied 29 days ago
I had a question all typed and JustAnswer lost it so I made them do a Test before I typed it again. We have an LLC that was formed in 2010 or so. It is a Nevada LLC, operating as a foreign corporation in Florida. The original ownership percentages were assigned back then based on what everyone's investment and/or expected contribution was to be. It has turned out differently and the 2 owners who had the largest ownership (over 60% at the beginning) want to re-allocate the percentages to reflect what has taken place - to be fair. They have put in all of the additional monies that were required and done all of the work on the project. I do not see anything in the Operating Agreement that addresses this situation. Now we have "bigger money" that wants to come in and form a new company, giving percentages to everyone based on the recommendation of the majority owners. Do we sell the company to them, or do some other sort of transaction? We are not intending to take anyone's money but it needs to be more fair - we are pretty sure the others will go along with it, but I think if the majority wants to do the transaction they do not have a choice. It seems to be different in an LLC than a corporation where the stock can be diluted, or can that also happen in an LLC? Ideally we would work this out in the LLC before merging it with another company - it looks better that way to the new company. What is the best way to accomplish what we are trying to do?
Answered in 22 hours by:
3/23/2018
Business Lawyer: Richard, Attorney replied 28 days ago
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 56,560
Experience: 32 years of experience practicing law and a businessman.
Verified

Hi there. I've been traveling on business this week and I don't want you to have to wait until the weekend for an answer to your question. Given this, I am going to opt out so another expert can timely provide you the information you seek. Take care.

Ask Your Own Business Law Question
Was this answer helpful?
Ask Infolawyer Your Own Question
Infolawyer
Infolawyer
Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 1,957
1,957 Satisfied Customers
Experience: Experienced lawyer

Infolawyer 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

1,957 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
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
4,028 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
Damien Bosco
Damien Bosco
4,144 satisfied customers
We have an LLC that was formed in 2010 or so. It is a Nevada
We have an LLC that was formed in 2010 or so. It is a Nevada LLC, operating as a foreign corporation in Florida. The original ownership percentages were assigned back then based on what everyone's inv… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,399 satisfied customers
If i have a business registered as a corporation in colorado
If i have a business registered as a corporation in colorado can I open an office in NY using the same business identity.Or do I need to do something different. … read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
751 satisfied customers
We have a small business a LLC corporation in Los Angeles
We have a small business a LLC corporation in Los Angeles California. When we hire an employee should we have them fill out an application or sign a part time employment agreement. What is the differe… read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
751 satisfied customers
Does an LLC business pay the new business tax rates? If not
Does an LLC business pay the new business tax rates? If not what business types could I form to pay the new rates and not my personal tax rate? How is the 20% deduction calculated?… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
466 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.
2,399 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
3,748 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
1,041 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
Is there a rule which requires that a corporation (or LLC)
Is there a rule which requires that a corporation (or LLC) must have a lawyer in a civil case?… read more
Damien Bosco
Damien Bosco
4,144 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
4,028 satisfied customers
Converting my llc business to a c corporation and looking
Converting my llc business to a c corporation and looking for a lawyer to sign the paperwork … read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,748 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
Attorney
Juris Doctorate
1,146 satisfied customers
IS A "C" CORPORATION REQUIRED TO HAVE AN OPERATING AGREEMENT
IS A "C" CORPORATION REQUIRED TO HAVE AN OPERATING AGREEMENT WITH ITS SHAREHOLDERS OR OFFICERS?… read more
Richard
Richard
Attorney
56,560 satisfied customers
We registered a foreign corporation in California (for our
Hi,We registered a foreign corporation in California (for our Delaware C-Corp company) in May 2017.We have now decided to withdraw/surrender our foreign corporation in California as we will be dissolv… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,748 satisfied customers
Foreign corporation and US citizen resident set up LLC as
Foreign corporation and US citizen resident set up LLC as partnership. Foreign corporation will invest in LLC. Can my foreign company be the owner and/or member of our US LLC ?… read more
LawGuy
LawGuy
Juris Doctor
123 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