How can I remove my partners names from legal documents?

I did create a small internet company with some friends. We registered it as a LLC with our 4 names on it. However, for the past months I have been the only working on the project. How can I remove their names from the company paperwork? Do I need to pay them some kind of compensation or just prove they did not accomplish any work to remove them?

Asked on April 26, 2017 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You can't remove them against their will, unless there was some mandatory buy-out provision or the like in any operating agreements or contracts you and they signed. Otherwise, they are owners of the LLC as much as you, and you cannot take another person's ownership interest away without their consent (e.g. if they agree to be bought out for some amount you are able and willing to pay). If you are the only one doing any work, maybe the thing to do is for YOU to leave this business and create a new one, just for you.


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