0

If There are 2 members of a LLC and a verbal agreement in which one Partner has 65% of the company and the other Partner had 35% of the company but the Partner with 35% of the company set up the LLC with him being President without his knowledge Does the Partner with 65% still have 65% of the company and if the company splits what rights does he have to any assets, income, or services purchased or made by the company

  • You don't have to be a majority shareholder to be president. I was the president of an LLC and had a 10% share. Some LLC's have whole management structures that have no ownership interest at all. The rights to assets, income, etc are all spelled out in the partnership agreement you should have signed before starting the LLC. – Ron Beyer May 19 at 4:00
  • How is it possible for the minority member to set up the LLC "without the knowledge" of the majority member? You'll have to provide more information. – Jack Fleeting May 19 at 11:32

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.