Unfortunately I am in business with my Brother and Dad. We formed an LLC together. Now they want out, and my brother said that he is going to close the business, I disagree, so he said that I have no choice but to accept his dicision.
He my dad and I are all equal owners.
Can they just end the business without my permission? I told them that if they want to quit then just give up their portion, but they said that they don't even want me to have the name. They know that I can continue the business on my own, but they don't want me to.
Is that possible?
2006-09-12 12:17:04 · 6 answers · asked by cdubsj2 2 in Business & Finance ➔ Corporations
I think:
The rules to dissolving your LLC should be in Operating Agreement that everyone should have signed when the company was formed. The decision to dissolve could be unanimous or majority or supermajority.
Look in there.
If I were you I would start setting up my own LLC and get ready to contact all clients really quick about new ownership and new name. Don't go to war with your family.
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That is the most intelligent question ever asked on this website, by the way.
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2006-09-12 12:33:24 · answer #1 · answered by Zak 5 · 0⤊ 0⤋
Since all three of you are equal owners, then each of you own 1/3 of the company and together the two of them own 2/3. Unfortunatley, they out number you and together own over 51% of the business. They may not be willing to give you their portions of the company, but they may sell them to you if you ask. Make an offer, greed may overpower their desire for you not to have the company name or one of them may crack and sell you their portion. In that case, you would own the larger portion and giving you the upper-hand.
2006-09-13 16:44:27 · answer #2 · answered by Mariposa 7 · 0⤊ 0⤋
Hmm perverted Step Dad, nicely if i replaced into you i might sell him out to the law enforcement officers in the journey that your decrease than 18 by way of telling them he's hurassing you sexually. If he whispers perverted issues to you and the leg element. this is sexual hurrassment plus your a minor so he'd be taken away. If i replaced into you i might threaten to call the law enforcement officers if he does not lower back off. If he attempted to assault you and stuff, objective for the groin and run out with a cellular telephone if obtainable. in case you do no longer choose for him long gone then you definately can communicate to your mom. although some situations tutor they overlook approximately it because of the fact they may well be desperate for a greater physically powerful half so however you do, Your caught with some type of situation no remember what you opt for for to do. So the terrific suggestions I have been given are law enforcement officers, danger or mom. in spite of what you do, I want you better of success.
2016-12-15 07:01:56 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Depends on how the articles of incorporation are written and what they say. In conventional corporations, they're designed to be permanent, and one shareholder could buy out every other shareholder. On the other hand, depending on what the articles say, a majority of the shareholders (brother & dad) may be able to dissolve the corporation without the minority owner's consent.
Sorry I can't be more complete.
2006-09-12 12:31:27 · answer #4 · answered by Dwight D J 5 · 0⤊ 0⤋
It would be better for you if you would spend your time consulting with an attorney of your choice in your local area.
If you are going to take over the business you will need to know how to solve your problems where you are and as soon as they arise. Good luck to you.
2006-09-12 12:32:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Did you try contacting a lawyer if you are all equal owners then you should have some rights
2006-09-12 12:19:51 · answer #6 · answered by conundrum_dragon 7 · 0⤊ 0⤋