Somebody puts up money with someone who agrees to contribute labor as their contribution to an equal Partnership. Once things are set up, and a lot of money is spent, the other Partner fails to perform, and the troubles begin. I get 2-3 calls like this every week.
Partners take advantage of partners every day and they get away with it. It is the most painful call I get. It sounds like this, “I put all the money I had into starting our business. My partner had bad credit and no money, but he promised to do all the work to get the business going.
In family businesses, when things break down, they really break down. The stress level is much higher than when a typical partnership has issues.
While it seems like it should be very easy to get out of an LLC, it can be complicated. Even if the business is very small, there are considerations beyond getting your money back. In this post, I’ll try to hit the important points of getting out of an LLC Partnership. These same items apply if you want to remove a member from your LLC too.
Sometimes people will intentionally make an effort to trigger anger, frustration, or irrational behavior. As a Business Partnership Mediator, I see this behavior often and can help calm things down so we can have a rational discussion toward resolution. Seeing ahead is a super-power! I can see where the problems are and the best possible outcome.
The amount of time needed to work out an agreement is in the hands of the disputing partners. We could talk a few minutes about options and reach agreement. But that never happens.