I am an interest holder in an LLC. Some members want to change the voting rights from the traditional one-unit, one-vote to a one-person, one-vote scheme (no person can have more than one vote).
What are the potential remedies for the members who are losing voting rights? This seems like an "illegal taking" or conversion.
This also seems like it would destroy the company's ability to attract investors. Concerned mostly the reputation risk, entity type questions aside (bad treatment of existing members).
(I understand that investors want to invest in corporations, not LLCs, but for the sake of this discussion, letís ignore that for the moment)
This is a California LLC, but I would be interested in the general considerations for any other states also.