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Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 33114
Experience:  30 years experience representing clients.
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If the Principal (90%) of a LLC becomes incapacitated and LP

Customer Question

Good Morning,
If the Principal (90%) of a LLC becomes incapacitated and LP (10%) has had little to nothing to do with the day to business operations for 15 months, yet the business must go on (no DPOA) what agreements need to be in place for the PA/Sr.EA to carry out the business at hand and makes sure that all contracts and agreements are kept to those involved (signed off on by Principal)?
Submitted: 1 year ago.
Category: Legal
Expert:  Loren replied 1 year ago.

Good morning. I am Loren, a licensed attorney, and I look forward to assisting you.

Expert:  Loren replied 1 year ago.

Is there an operating agreement in place? If so, it should address the death or incapacity of the manager. What does it say?

Expert:  Loren replied 1 year ago.

Typically, all that would be necessary is for the members to sign a resolution naming the successor manager, who may or may not be a member of the LLC.

Expert:  Loren replied 1 year ago.

Are you online with me?

Expert:  Loren replied 1 year ago.

A POA is usually not sufficient unless the operating agreement would provide for such delegation.

Expert:  Loren replied 1 year ago.

Did you have further questions? Have I answered your question?

Expert:  Loren replied 1 year ago.

If you have no further questions please remember to rate my service so that I am credited by JA for answering your question and also so that I may close the question. Thanks.