Monday, August 8, 2011

What is the law for terminating an LLC partner?

There is NO law that can force you to sell what you own (just as courts have now ruled no one can FORCE you to buy anything, like healthcare). The only thing the majority owners can do is completely break up the company which you own a part of or sell it to a new company they create, and start the new one without you. Since they have a majority of the ownership, they do not need your approval to do this. However, if the business is liquidated or sold to a new company, they MUST pay you your share of the company being sold.

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