Issue:
Two partners to an LLC learned that the other partner was taking money out of the bank account and also selling company assets without their knowledge. Clients were unsure how to approach the situation and what liability they faced for any of the partners actions.
Solution:
We sent a demand letter outlining the breach/violations by the partner with an immediate response from the third member acknowledging the issue and wanting to open up the discussion on withdrawal as a Member of an LLC.
Outcome:
We were able to stop the bleeding caused by the third member, to obtain an admission of wrongdoing by the third member, and negotiate a withdrawal from the LLC of that Member.
