tag:blogger.com,1999:blog-7443648468011603769.post6418819420789497461..comments2023-04-02T07:22:27.799-07:00Comments on LLC Operating Agreements: Removal of LLC memberjjrayhttp://www.blogger.com/profile/09951978285296375634noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-7443648468011603769.post-21151078658903978792012-07-23T09:44:46.578-07:002012-07-23T09:44:46.578-07:00I am the managing member of a New York State LLC w...I am the managing member of a New York State LLC with 2 members. My former partner in the LLC decided in July 2010 to voluntarily "leave" the company for new employment with a company in NYC. He has been gone for 20 months (his last day was Oct 1, 2010) and he has not done ANY day-to-day business mgmt for the LLC since. We have an operating agreement but it doesn't deal elaborately Anonymoushttps://www.blogger.com/profile/05355539278109532049noreply@blogger.comtag:blogger.com,1999:blog-7443648468011603769.post-85715486329736345632012-04-15T18:01:57.933-07:002012-04-15T18:01:57.933-07:00Hello,
What if the member withdraws willingly? Wh...Hello,<br /><br />What if the member withdraws willingly? What forms need to be completed in order for this to occur and where can I obtain such forms?StrangeSavanthttps://www.blogger.com/profile/00273312600555218906noreply@blogger.comtag:blogger.com,1999:blog-7443648468011603769.post-6218618835001353672012-02-11T07:32:27.115-08:002012-02-11T07:32:27.115-08:00Our LLC has 5 members. The managing member has a ...Our LLC has 5 members. The managing member has a capital account at 80% (valued at 7 million)and the others sit at 5% each. The managing member wants to edit the operating agreement to place his estate as the beneficiary of our key man insurance policy, valued at 5 million. The other members are blocking this action under the position that the policy has been written for the sole purpose of Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7443648468011603769.post-16604132336237806942011-11-02T05:21:19.056-07:002011-11-02T05:21:19.056-07:00I hope everyone takes away from this post the impo...I hope everyone takes away from this post the importance of an Operating Agreement (and not just Articles of Organization as they are NOT the same thing) when forming an LLC. Even if you have an existing LLC, whether or not it is time to remove a member, create an Operating Agreement IMMEDIATELY. Those of you asking how to remove a member without an Operating Agreement when both members are in EPICAC77noreply@blogger.comtag:blogger.com,1999:blog-7443648468011603769.post-63542324616455907192010-09-22T23:59:46.018-07:002010-09-22T23:59:46.018-07:00I would like to set up an LLC with my wife as the ...I would like to set up an LLC with my wife as the single, non-operating member. The intention is that she is the owner and I am a non-member manager.<br /><br />I have a good handle on all aspects of this except where and how to indicate that she is a non-operating member.<br /><br />Thoughts anyone?Unknownhttps://www.blogger.com/profile/09299262753972166618noreply@blogger.comtag:blogger.com,1999:blog-7443648468011603769.post-90761565839788954592010-07-30T09:16:57.593-07:002010-07-30T09:16:57.593-07:00My husband is 10% owner in LLC construction busine...My husband is 10% owner in LLC construction business. He does the majority of the work and recently has stopped accepting payment, trying to help with financial resposibility to company. 1 partner is 80% owner, who does not put anything buy money into it and 1 partner is 10% owner and just does nothing, in general, but collect a paycheck. My husband feels he is responsible to the 80% owner for Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7443648468011603769.post-14067659780321544372010-04-19T05:25:36.632-07:002010-04-19T05:25:36.632-07:00I'm a member of a 2 member LLC in New Jersey a...I'm a member of a 2 member LLC in New Jersey and I want to get out.We both agreed on that what need to be done to accomplish this withdraw ? <br />I don't want to be connected to the llc in any wayAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7443648468011603769.post-11805636159832943082009-01-12T19:21:00.000-08:002009-01-12T19:21:00.000-08:00I am involved with a two member LLC in PA. One mem...I am involved with a two member LLC in PA. One member wants to leave, and both members have agreed to this. There is no operating agreement in place. What is the process for withdrawing the mamber, and is there a waiver of some sort to release the departing member of any liability?cathttps://www.blogger.com/profile/06549194295055593935noreply@blogger.comtag:blogger.com,1999:blog-7443648468011603769.post-37608393086694830592009-01-05T16:30:00.000-08:002009-01-05T16:30:00.000-08:00Reply to January 5 post. It would be unusual for ...Reply to January 5 post. It would be unusual for an LLC operating agreement to grant one member greater voting power than another member, both of whom have an equal ownership interest. But can it happen? Members can agree to anything so 'yes', it is possible. Perhaps the member who owns 50% but has 51% voting power contributes more important services to the LLC.jjrayhttps://www.blogger.com/profile/09951978285296375634noreply@blogger.comtag:blogger.com,1999:blog-7443648468011603769.post-22765320273683745702009-01-05T16:27:00.000-08:002009-01-05T16:27:00.000-08:00Reply to September 18 post. If the member you wis...Reply to September 18 post. If the member you wish to remove is a 50% owner, then I think the only move to be made is going to court to seek a dissolution of the LLC due to management deadlock. The only passing thought I have is sue the recalcitrant member for breach of fiduciary duties by failing to participate in good faith in the management of the LLC.jjrayhttps://www.blogger.com/profile/09951978285296375634noreply@blogger.comtag:blogger.com,1999:blog-7443648468011603769.post-7484377080827553982009-01-05T16:17:00.000-08:002009-01-05T16:17:00.000-08:00do you know if an operating agreement give one mem...do you know if an operating agreement give one member 51% voting rights and another member 49% voting rights, even if they both have a 50% ownership interest?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7443648468011603769.post-9924507318608287942008-09-18T12:50:00.000-07:002008-09-18T12:50:00.000-07:00Do you have any suggestions for removing a member ...Do you have any suggestions for removing a member of a Delaware LLC when there is no operating agreement in place? The member we wish to remove is a 50% owner and refuses to communicate or participate in any business activity with the other members.Anonymousnoreply@blogger.com