What are my legal options regarding an LLC that I am part of?

Approximately 2 years ago, I was approached by a friend who was starting a business in out of state. We signed paperwork forming an LLC in that state. He was the operator and I the investor. It was further stipulated that I would handle the financials each year for tax purposes. After giving him $50,000, I got a couple of updates from him, then nothing. Now I cannot even contact him despite numerous attempts.

Asked on February 5, 2013 under Business Law, Ohio


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

You need to review the formation document filed with the secretary of state. Check the formation to see if it states on its face if you can singly dissolve the company or bow out of the company. If not, you need to demand a copy of the bylaws if you don't already have one. Sounds like the money was taken and nothing happened. Immediately get yourself an attorney who is a CPA and see what can be done about getting this matter under control, getting some of your money back and closing down this business or taking it over.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.