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  1. #1
    Join Date
    Aug 2007
    Posts
    1

    Default Business Partner Went To Prison

    Hello,I own an L.L.C. with another member who because of actions unrelated to the business went to prison for drug sales for almost 2 years on a 7 to 9 year sentence.He told me right after we opened that this was a possibility,when he went to jail we had been open for 3 months then after 2 years he comes back wanting his seat at the table back.I was told that I can sue him for lost wages ,lost earnings because of his failure to keep up his end of our L.L.C. agreement,prison reflected bad on the business as well as my name.I made the business what it is after all this time ,what are my legal options can I just have him sign himself out and If his family approches me with an out contract for him what wrinkles should I look for,after the stress this has caused I just dont want to loose what I have worked so hard to build.

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Business Partner Went To Prison

    We don't know anything about the business, its finances, or even what state you are in. Have a lawyer in your state review the facts and recommend some way for you to have the assets transferred to you or to buy them at a price acceptable to both you and your former partner.

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