Is there any legal compensation for opting out of an LLC partnership?

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Is there any legal compensation for opting out of an LLC partnership?

My business partner and I no longer will be working together. I have put in many hours building a successful website, however because I did the work myself I did not put out funds for the website directly. I was wondering if there was any legal compensation I could receive besides the monetary amounts I put in? Beings the website will remain running and I will no longer be part of the business.

Asked on April 11, 2012 under Business Law, Oregon

Answers:

Glenn M. Lyon, Esq. / MacGregor Lyon, LLC.

Answered 9 years ago | Contributor

Look to the terms of the LLC's operating agreement or possibly a verbal agreement between the members.  Otherwise, no.

Steven Fromm / Steven J Fromm & Associates, P.C.

Answered 9 years ago | Contributor

You need to speak directly with a corporate litigation attorney as the services you performed may have a quanitifiable value.  You need to meet with an attorney face to face to see if you have a meritorious claim for damages.


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