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    Default Options When a LLC Partnership Relationship is Failing

    I am a partner in a 50/50 LLC in North Carolina. I have spent about $10,000 and my partner roughly $5000 out of our personal bank accounts to get the business afloat. We have both been reimbursed by the business $3000 so far. Things have not been going well. We are not communicating well and business has been poor. He has the debit card and check book and I do not.

    He just went on what was supposed to be a personal vacation and today I see he used $3500 worth of expenses (plane tickets, hotel, car rental) on the business debit card, leaving us only $800 left in the business account. We never discussed him doing this in any way. He said the accountant said that it can be justified as a business expense, but it seems like I'm paying for half of his personal vacation.

    At this point I just want out, preferably without losing more than necessary. This is just the last of a long series of events that makes not want to continue running a business with him. I would like for him to buy me out, but I'm not sure he's financially going to be able to. We do not have an Operating Agreement. What options might I have and what recommendations would you have for me.

  2. #2
    Join Date
    Sep 2005
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    Default Re: Options When a LLC Partnership Relationship is Failing

    You can sit down with him to try to negotiate a way to wind down the business or for him to buy you out. I cannot promise that he'll be amenable.

    This does not sound like a case in which the dollar values justify litigation, nor in which you're likely to have an easy time collecting on a judgment (assuming you get one).

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