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Exiting Llc Ownership Dispute
Summary
In a 50/50 LLC ownership dispute, review the operating agreement for ownership details and initial contributions. Gather evidence supporting your ownership claim, such as formation documents and communications. Address financial discrepancies by hiring a forensic accountant and requesting detailed financial records. Consider legal action if discrepancies persist. Respond to deadlines set by the opposing party, even if to request more time. Legal costs can vary, with hourly rates ranging from $250 to $600 and retainer fees from $2,500 to $10,000. Consult a New York attorney for personalized advice and to explore your options for resolving the dispute.Full Conversation
Jenna
Hi Jenna! How can I assist you with your legal issue today? Can you provide me with a bit more detail?
I’m looking to leave a dog training business LLC that myself and one other person started as */* owners. We’ve been at a stand still, each waiting for the other to send over numbers for her to buy me out, even though she felt I wasn’t entitled to any money from this. Her lawyer is now saying that they believe I don’t have ownership interest bc I did not split the starting costs with her and said I can take the $* she is offering me, she can dissolve the business, or they will take me to court. The lawyer said I have until this Friday to respond. I don’t know if they can even hold me to that date but I am trying to figure this out ASAP.
Hi Jenna! Here are some general steps you might consider:
- Review LLC Agreement: Check your LLC operating agreement for specific provisions related to ownership, buyouts, and dissolution.
- Ownership Evidence: Gather any evidence of your ownership, such as formation documents, emails, or other communications.
- Legal Consultation: Consult with a New York attorney to understand your rights and options better.
Would you like to be connected with local lawyers who can assist further?
- Review LLC Agreement: Check your LLC operating agreement for specific provisions related to ownership, buyouts, and dissolution.
- Ownership Evidence: Gather any evidence of your ownership, such as formation documents, emails, or other communications.
- Legal Consultation: Consult with a New York attorney to understand your rights and options better.
Would you like to be connected with local lawyers who can assist further?
I would like you to assist me with advice instead of getting a lawywr
Sure, Jenna! Here are some additional steps you can consider:
- Document Communication: Keep records of all communications with your business partner and their lawyer.
- Negotiate: Try to negotiate directly with your partner to reach a mutually agreeable solution.
- Respond Timely: It's important to respond by the deadline given, even if it's to request more time.
Do you have any specific questions about these steps?
- Document Communication: Keep records of all communications with your business partner and their lawyer.
- Negotiate: Try to negotiate directly with your partner to reach a mutually agreeable solution.
- Respond Timely: It's important to respond by the deadline given, even if it's to request more time.
Do you have any specific questions about these steps?
The numbers they sent me were inaccurate. They’re hiding more income to drive the price lower.
Case Rating: *
Hi Jenna! Here are some steps you might consider:
- Review Financial Statements: Carefully examine the financial statements provided.
- Request Transparency: Ask for more detailed financial records and clarify any discrepancies.
- Document Discrepancies: Keep a record of any inaccuracies or hidden income.
Would you like more specific information on how to address these inaccuracies legally?
Hi Jenna! Here are some steps you might consider:
- Review Financial Statements: Carefully examine the financial statements provided.
- Request Transparency: Ask for more detailed financial records and clarify any discrepancies.
- Document Discrepancies: Keep a record of any inaccuracies or hidden income.
Would you like more specific information on how to address these inaccuracies legally?
Sure
Case Rating: *
Hi Jenna! Here are some steps to address the inaccuracies legally:
- Hire a Forensic Accountant: They can help identify hidden income or discrepancies.
- Formal Request for Records: Send a formal request for detailed financial records.
- Legal Action: If discrepancies persist, consider legal action for financial misrepresentation.
Do you have any other questions or need further information on any of these steps?
Hi Jenna! Here are some steps to address the inaccuracies legally:
- Hire a Forensic Accountant: They can help identify hidden income or discrepancies.
- Formal Request for Records: Send a formal request for detailed financial records.
- Legal Action: If discrepancies persist, consider legal action for financial misrepresentation.
Do you have any other questions or need further information on any of these steps?
How do I send a formal request for records?
Case Rating: *
Hi Jenna! To send a formal request for records, follow these steps:
- Write a Letter: Draft a formal letter requesting specific financial records.
- Be Specific: Clearly state the records you need (e.g., bank statements, invoices).
- Deadline: Set a reasonable deadline for their response.
- Send Certified: Send the letter via certified mail for tracking.
Would you like any more details on drafting this letter?
Hi Jenna! To send a formal request for records, follow these steps:
- Write a Letter: Draft a formal letter requesting specific financial records.
- Be Specific: Clearly state the records you need (e.g., bank statements, invoices).
- Deadline: Set a reasonable deadline for their response.
- Send Certified: Send the letter via certified mail for tracking.
Would you like any more details on drafting this letter?
What do I do about them claiming I don’t have ownership interest? Do you want to look at the operating agreement?
Case Rating: *
Hi Jenna!
Here are some steps to address the claim of not having ownership interest:
- Review Operating Agreement: Check if the operating agreement outlines ownership percentages and initial contributions.
- Gather Evidence: Collect any documentation or communications that support your ownership claim.
- Consult an Attorney: A New York attorney can provide specific advice and help you draft responses.
Would you like more specific information on any of these steps?
Hi Jenna!
Here are some steps to address the claim of not having ownership interest:
- Review Operating Agreement: Check if the operating agreement outlines ownership percentages and initial contributions.
- Gather Evidence: Collect any documentation or communications that support your ownership claim.
- Consult an Attorney: A New York attorney can provide specific advice and help you draft responses.
Would you like more specific information on any of these steps?
Are you able to review the operating agreement for me?
Case Rating: *
It sounds like you have a potentially high-value case, especially with the ownership dispute and potential financial discrepancies. Would you like to be connected to local lawyers who can better assist you with your case?
It sounds like you have a potentially high-value case, especially with the ownership dispute and potential financial discrepancies. Would you like to be connected to local lawyers who can better assist you with your case?
No can you look at the operating agreement?
Case Rating: *
Hi Jenna, I cannot review your operating agreement directly. However, I can guide you on what to look for in the agreement:
- Ownership Percentages: Confirm your ownership percentage as stated in the document.
- Initial Contributions: Check for any clauses detailing initial financial contributions.
- Buyout Provisions: Look for any specific terms regarding the buyout process.
- Dispute Resolution: See if there's a process for resolving disputes between members.
Would you like any more specific information on these points?
Hi Jenna, I cannot review your operating agreement directly. However, I can guide you on what to look for in the agreement:
- Ownership Percentages: Confirm your ownership percentage as stated in the document.
- Initial Contributions: Check for any clauses detailing initial financial contributions.
- Buyout Provisions: Look for any specific terms regarding the buyout process.
- Dispute Resolution: See if there's a process for resolving disputes between members.
Would you like any more specific information on these points?
How much should it cost for a lawyer to help with this?
Case Rating: *
Hi Jenna, the cost for legal assistance in such cases can vary significantly depending on the complexity and the lawyer's experience. Generally, here are some estimated costs:
- Hourly Rate: $* to $* per hour.
- Retainer Fee: $*,* to $*,* upfront.
It would be wise to consult with a few lawyers to get estimates specific to your situation. Let me know if you need further information!
Hi Jenna, the cost for legal assistance in such cases can vary significantly depending on the complexity and the lawyer's experience. Generally, here are some estimated costs:
- Hourly Rate: $* to $* per hour.
- Retainer Fee: $*,* to $*,* upfront.
It would be wise to consult with a few lawyers to get estimates specific to your situation. Let me know if you need further information!
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