If there are two owners of a llc can they separate without the others consent?
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If there are two owners of a llc can they separate without the others consent?
In my Llc the other owner wants to separate or keep all of the money he makes and
not split it. I invested time and money for the past 6 months helping him build
the life portion of our company now he doesn’t want to split what he makes. we do
not have divorce papers in place if you can shed some light on the options that
would be great thank you
Asked on July 12, 2019 under Business Law, Missouri
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
No, any money earned by the company belongs to the LLC, not to an individual owner. IF any money is taken out of the company or distributed to the owners (the equivalent of issuing a "dividend"), the money must be split "pro rata" between the owners, in proportion to their ownership; neither one may keep all the money or monopolize it. He has no right to do this and if he does, you could sue him for your share of the money.
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