You have ownership in a business, but you don’t want to be involved in the business anymore. Or, maybe you want to assign the distributions you receive from an LLC to payoff a debt. Can’t you simply just transfer your ownership to someone else without having to go through a lengthy, legal process? Time to check your Operating Agreement As …
What To Do When “Equal Participation” Equals Deadlock
Absent language to the contrary in an Operating Agreement, “equal participation” means all partners have equal rights and authority to participate in the management of the business. This means each partner has one equal vote when it comes to decision making. Obviously, this can get tricky when you have an equal number of partners. So, what do you do when …
