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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 117370
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I registered an llc company named MARINE COMPANY, only 2

Customer Question

hello, I registered an llc company named BRYANT MARINE COMPANY, only 2 members, ***** *****'s and Naudy Javier. I, Naudy Javier, registered the co.pant with my own money, same with opening bank accounts because he did not have any so last week I told him I was not happy with the way he handled his part of the business and I wanted to separate. then today he has collected all company forms and taken me of the accounts and told me that he as manager is firing me? I would like your opinion
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Are you both listed as members of the company? Are you equal members/owners?

Customer: replied 1 year ago.
we are only 2 members in the llc, he has 60% of the shares and I have 40% . In paper he is the president and treasurer, I am vice president and secretary
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
As majority owner, absent some membership agreement to the contrary, he has a right to remove you from working for the LLC, BUT HE CANNOT REMOVE YOUR OWNERSHIP INTEREST IN THE LLC. So you are still entitled to a share of proceeds from the LLC that corresponds to your share of membership. To remove anyone from an LLC, either they must agree to be bought out or they have to agree to dissolve the LLC or the members have to go to court to get a court order to dissolve the LLC. If you cannot agree on dissolving the LLC or a buyout plan, then legally while you could be prevented from working for the LLC, you are entitled to your share of proceeds. If you want out and he refuses to buy you out at a reasonable amount based on value of the business, then you have to go to court and sue for dissolution.