In August my business partner and I opened a construction company. We have filed and received our LLC. I am 51% owner. My business partner decided Friday he no longer wants to part of the company. I am trying to see if I can continue the business and what I need to do to get him removed. We have both signed the Limited Liability Company Operating Agreement. In the document it states we are to have something sign to remove a partner from the LLC. My business partner has left the state, at this time is unwilling to sign his 49% back to me. In addition there are company debts that I have asked he split with me as the debts were incurred while the partnership was intact.
There is also a arbitration clause in our Operating Agreement.
I am trying to figure out what my options are at this point so I can get this behind me.
Thank you in advance for your help
Remember, if you are sued, it's too late to hire a business lawyer. If you are a small business owner or if you are starting a new business, a business lawyer can advise you on many aspects that are related to business! Contacting a small business attorney or law firm only when there is a current urgent problem is unhappy. The sooner you hire a business attorney, the better.
How much does a business lawyer in your location cost?
The most experienced and skilled corporate lawyers can cost between $350 and $700 per hour. It depends on a variety of factors, such as geographic location (U.S state), firm size (single attorney vs large business law firm and in some cases, a business lawyer can charge a flat fee (f.e: setting up an LLC). Types of Business Attorneys:
- 1. Contract lawyer will be needed to prepare the standard form contracts.
- 2. Business organizations: corporation or limited liability company (LLC).
- 3. Business attorney for real estate.
- 4. Taxes and licenses: your business (tax) lawyer should know how to register your business for federal and state tax identification numbers and how to fill out the necessary forms.
- 5. Intellectual property attorney would be needed for all type of media, design or other creative-type business firms.