Re: I need Help (Partnership Dispute)

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Mike:

You need to consult a business or partnership attorney.
Unfortunately, if you do not sell your interest and
discontinue your involvement with the business, you are in
breach of contract. An attorney must read the fine details
of the LLC operating agreement. I wish you luck.

Sean
> I am an owner of a small LLC that needs some advice. I own
> 50&37; of my business as my partner owns the other 50&37;.
We
> started this business 10 months ago and have been
> developing it since but have not yet launched to the
> public. Are company is a web based company that has not
> finished its website yet. I made all the capital
> contributions to the business to get it started. We are at
> the point that we can no longer work to together we
> disagree on everything and bump heads. Right now the
> business has no revenue we only have what I have paid for
> to get the website developed and get the company going. I
> want to get out of the company because things are not
> working between my partner and I and no matter what we do
> things wont get better. My partner will not give me a way
> to back out of the company. I offered him to buy me out,
> and he does not want to. The problem for me is our
> agreement states the only way to get out is to sell your
> percentage of the business. Right now since there is
> nothing but a 98&37; complete web site and the business
> structure, no one wants to buy it. All the money spent for
> development has been of my capital contribution and $800
> from my partner. My question is can I get out of the
> company and take everything I have paid for? What are my
> options I have tried many things but my partner who used
> to be my best friend is screwing me over trying to ride my
> money train. In our agreement if a partner cant sell
> they’re half of the company he has to continue business.
> There has to be some other way for me to get out of this
> sour venture and not loose all my money. If anyone knows
> anything that could help me I would really appreciate it.

Re: I need Help (Partnership Dispute), 3/08/04, by sean.

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