What are my legal options regarding an LLC that I am part of?
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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
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 11 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.
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